00:00.000 --> 00:03.150
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

00:33.870 --> 00:37.560
New York disclosure laws,
Maryland, you know, California,

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

00:41.400 --> 00:46.260
start off by saying banks are
exempt. Right? Yeah. So all this

00:46.260 --> 00:49.590
work is, is is going into
debating the issues and all

00:49.590 --> 00:52.770
these states and worrying about
trying to comply with 50

00:52.770 --> 00:54.960
different state laws and all
that stuff, and whether or not

00:54.960 --> 00:57.000
you're gonna be able to
function, depending on what the

00:57.000 --> 01:01.680
restrictions are a company that
becomes a bank, it's, well,

01:01.710 --> 01:03.840
there's a lot of compliance that
goes into it. But imagine being

01:03.840 --> 01:06.900
able to skirt Yes, that skirt,
sir, you know, sir, yeah,

01:06.900 --> 01:10.800
legally circumvent or, you know,
legally be exempt from those

01:10.800 --> 01:13.860
laws. And I think that's the
story that people are not

01:13.860 --> 01:16.170
talking about, if you're out
there, and you're a small, non

01:16.170 --> 01:18.600
bank finance company, like
square became a bank of cares.

01:18.780 --> 01:22.890
Well, guess what, in five years
square might be able to lend in

01:22.890 --> 01:25.440
all 50 states, and you might
only be able to, you know, lend

01:25.440 --> 01:28.440
in a limited number or it
becomes very cost prohibitive,

01:28.470 --> 01:31.080
or there's a lot of restrictions
on you. And you're like, well, I

01:31.080 --> 01:34.620
don't get it's not there.
There's a lot of good reasons to

01:34.620 --> 01:36.900
become a bank right now. You
know, they're they've really,

01:36.900 --> 01:40.020
they've really incentivized it.
And so I think, yeah, we're

01:40.020 --> 01:42.990
definitely we're definitely
gonna see more of it. Because

01:42.990 --> 01:47.580
it's going to allow flexibility
and versatility for these

01:47.610 --> 01:51.180
FinTech players to continue
operating their business model

01:51.720 --> 01:55.020
without having, you know, having
to play this 50 state game.