Unfortunately, it does not mean anything to have a valid visa. The only reprieve he could be eligible for is adjustment of status to permanent resident, but only if he is petitioned by a US citizen son/daughter 21 years of age or older, or a US citizen spouse.
He cannot change his status to any other non-immigrant status, since he is currently not in any lawful status from which to change or extend.
As far as any new laws, none have come down the pipe of congress as yet. They are discussing a few options, but nothing has even been brought to a vote, so speculating as to whether it will benefit your friend is of no use, since we have no idea if any new laws will affect people in his situation.
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