Insider trading is one of those crimes where it is a bit ambiguous as to what the crime is (at least to me). Information travels with some speed and there will always be people with access to better information making better decisions.
We have much better technology these days. Rather than making trading some sort of crime we should just have a "relevant persons" standard where CEOs and anyone who has close contact with them have to register what they are about to do a few days before they make any trades of shares in the company.
It is fundamentally a bit silly have a situation where it is illegal for someone to make best decision given their knowledge. We can safely guess that the professional traders are leveraging every possible edge, fair or not, SEC regulation or not if they think they can get away with it.
We have much better technology these days. Rather than making trading some sort of crime we should just have a "relevant persons" standard where CEOs and anyone who has close contact with them have to register what they are about to do a few days before they make any trades of shares in the company.
It is fundamentally a bit silly have a situation where it is illegal for someone to make best decision given their knowledge. We can safely guess that the professional traders are leveraging every possible edge, fair or not, SEC regulation or not if they think they can get away with it.