Your friend is either ignorant or a willful apologist for con artists.
He almost certainly didn't read the proposed Senate Bill s8839 because the proposed language states that an "illegal rug pull" would be defined by devs being allocated more than 10% of the token and dumping more than 10% within a 5 year period from the date of the last sale of the same.
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I called him a Rug Pull apologist and made him realise he's having a really bad mindset. Perhaps this is because he hasn't been a victim of Rug Pull. We talked later and I showed him the bill and explain better why Rug Pull is wrong and those behind it are selfish and should be regarded as criminals if they take certain actions. No one would invest in a project that they feel could have potential Rug Pulls.