That is not what I’m even saying. I’m saying that the individual card determines what it does and how it views the ‘board state’, and at no time does SMC in this situation care that you have just one card in your stack because you ‘might’ have an effect that causes you to draw that card. At no time was that true. If you have a legal target (a stack with stuff in it) you can use it. Failing to find is legal.
Peddler only cares about those hosted cards. SMC only cares about cards in the Stack. Clearly the drawn card is part of our game state. The FAQ rules only clarify where the trashed card is considered to be on trigger.