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Sean Murray: We, our, company's
called deBanked. Right? When we

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write a story about a company
becoming a bank, those in the

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trenches on the frontlines of
non bank finance, like, Who

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cares? You know, the company is
sold out? Yeah. I mean, yeah,

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they betrayed their original
mission, or whatever. I think

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the story that's not told is
that in by becoming a bank

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Square well and I haven't, like
read all the fine print, but

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this is my understanding of it,
is that they will be able to

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circumvent a lot of the new
state regulations that are being

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put in place. We've talked on
this little show about

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New York disclosure laws,
Maryland, you know, California,

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all this stuff. those bills,
when they're drafted, usually

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start off by saying banks are
exempt. Right? Yeah. So all this

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work is, is is going into
debating the issues and all

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these states and worrying about
trying to comply with 50

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different state laws and all
that stuff, and whether or not

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you're gonna be able to
function, depending on what the

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restrictions are a company that
becomes a bank, it's, well,

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there's a lot of compliance that
goes into it. But imagine being

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able to skirt Yes, that skirt,
sir, you know, sir, yeah,

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legally circumvent or, you know,
legally be exempt from those

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laws. And I think that's the
story that people are not

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talking about, if you're out
there, and you're a small, non

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bank finance company, like
square became a bank of cares.

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Well, guess what, in five years
square might be able to lend in

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all 50 states, and you might
only be able to, you know, lend

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in a limited number or it
becomes very cost prohibitive,

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or there's a lot of restrictions
on you. And you're like, well, I

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don't get it's not there.
There's a lot of good reasons to

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become a bank right now. You
know, they're they've really,

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they've really incentivized it.
And so I think, yeah, we're

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definitely we're definitely
gonna see more of it. Because

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it's going to allow flexibility
and versatility for these

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FinTech players to continue
operating their business model

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without having, you know, having
to play this 50 state game.