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  "documentTitle": "Clear Secure, Inc. (YOU)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2025-04-30 00:00:00",
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  "notes": "Includes a table of states accepting digital IDs and screenshots of TSA instructional videos.",
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      "text": "Spruce Point believes the Digital ID model does not work for CLEAR and data security risk for CLEAR is a significant concern.",
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      "text": "A 2020 OneZero article contained a very interesting quote: “Seidman-Becker has spoken around this very idea before, and last year even predicted the end of wallets, saying in five to seven years they wouldn’t serve a purpose anymore. “You are your driver’s license, your credit card, your health care card, your building access card — why are you whipping all these cards out?” she said.” Spruce Point fully agrees that physical wallets, credit cards, etc. are on the decline but Spruce Point also believes the rapid growth and acceptance of digital wallets could be the ultimate demise of CLEAR’s ability to have a competitive Digital ID program with the TSA and/or any other industry vertical. The TSA is already accepting Digital IDs from 12 states including NY and CA and they are not accepting a CLEAR Digital ID. Spruce Point believes the Digital ID model does not work for CLEAR and data security risk for CLEAR is a significant concern.",
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      "text": "\"You are your driver's license, your credit card, your health care card, your building access card — why are you whipping all these cards out?\" — Seidman-Becker (OneZero, 2020).",
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      "text": "Source: “Clear Conquered U.S. Airports. Now It Wants to Own Your Entire Digital Identity”, OneZero, October 2020, TSA and Red emphasis Spruce Point.",
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      "text": "Spruce Point Believes Growth In Digital Wallets/IDs Represent A Major Headwind",
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