Community banks are struggling, crypto isn’t to blame

00:00 Speaker A

Okay, so let's talk about that because one of the biggest narratives uh that the banks came out with opposing the Clarity Act was the threat of deposit flight. You looked more deeply into that. Everything I've seen says deposit flight is not really an issue and they can actually work with the industry, which is what you're talking about here, right?

00:20 Speaker B

Yeah, I mean I got it never made sense to me intuitively. and uh, you know, I know it's a sample set of one, but my my mother, my 85-year-old mother recently left her community bank of 40 years because they were shrinking the the banking hours and that's why she used it. So she figured if she has to go to online banking which she didn't want to do, she might as well move to a a larger bulge bracket firm.

00:43 Speaker B

Um, I love my mother, she stays on top of new tech. I admire her ability to do so. She's not coming to Coinbase. Uh she she went to one of the G banks. So this notion that we were the reason, we were the giant sucking sound that was pulling deposits away from community banks, always seemed nonsensical to me. Um I did a talk a couple months ago in front of a bunch of community bank and the regional bank uh senior executives.