Sean Murray: We, our, company's called deBanked. Right? When we
write a story about a company becoming a bank, those in the
trenches on the frontlines of non bank finance, like, Who
cares? You know, the company is sold out? Yeah. I mean, yeah,
they betrayed their original mission, or whatever. I think
the story that's not told is that in by becoming a bank
Square well and I haven't, like read all the fine print, but
this is my understanding of it, is that they will be able to
circumvent a lot of the new state regulations that are being
put in place. We've talked on this little show about
New York disclosure laws, Maryland, you know, California,
all this stuff. those bills, when they're drafted, usually
start off by saying banks are exempt. Right? Yeah. So all this
work is, is is going into debating the issues and all
these states and worrying about trying to comply with 50
different state laws and all that stuff, and whether or not
you're gonna be able to function, depending on what the
restrictions are a company that becomes a bank, it's, well,
there's a lot of compliance that goes into it. But imagine being
able to skirt Yes, that skirt, sir, you know, sir, yeah,
legally circumvent or, you know, legally be exempt from those
laws. And I think that's the story that people are not
talking about, if you're out there, and you're a small, non
bank finance company, like square became a bank of cares.
Well, guess what, in five years square might be able to lend in
all 50 states, and you might only be able to, you know, lend
in a limited number or it becomes very cost prohibitive,
or there's a lot of restrictions on you. And you're like, well, I
don't get it's not there. There's a lot of good reasons to
become a bank right now. You know, they're they've really,
they've really incentivized it. And so I think, yeah, we're
definitely we're definitely gonna see more of it. Because
it's going to allow flexibility and versatility for these
FinTech players to continue operating their business model
without having, you know, having to play this 50 state game.