crypto consumers should be far more discerning than they are

even the term “rug-pull” is not discerning enough, it refers to a dozen distinct behaviors, of which a few would still be illegal while the other many behaviors are just a misalignment of expectations

removing liquidity? thats not illegal under either consumer or securities framework and most commonly called a “rug pull”. communities can provide their own liquidity as a feature of the crypto space, and in no space do purchasers have an expectation for liquidity

ceasing to continue making press releases or taking down a website and community channels? also not illegal under the consumer or securities framework.

taking other people’s provided liquidity out of a staking contract without saying thats whats going to happen would be illegal under both frameworks. that kind of rug pull is theft.

collecting funds and promising to do X and then not even attempting it, thats prosecutable under both the consumer and securities frameworks, in more ways under a securities framework

The only way to be discerning with respect to most* crypto is not to participate.

Even "succeeding" at crypto just means you sold early enough to a greater fool.

* jury still out on the couple major cryptocurrencies, though I hope they follow the same path.

The SEC is not the arm of the government to help you feel validated, and I think thats the crux of your dissonance

I don't think NFTs as a whole are breaking any FTC related laws. However, the way that they are marketed or sold could break some laws if the communications are deceptive. For example, a rug pull might be considered illegal under US Law Title 16, Chapter 1, Subchapter B, Part 238.4 "Switch after Sale":

https://www.ecfr.gov/current/title-16/chapter-I/subchapter-B...