How would you enforce a law banning insider trading? Or even a law banning elected federal officials from trading stocks?
banks, law firms, consulting firms, lobbying firms, and literally all publicly traded companies do it now.
Only the careless get caught. How could you prove in court beyond a doubt that someone passed insider information to somebody if there there isn’t a paper trail. You know…..like pillow talk.
you ban trading because insider information is inherent. Assets go into blind trusts or given to mutual fund managers. Individual stock trades become banned. If a congressman does it, they go to jail. It becomes a career risk they take for a few thousand dollars. When I was at the bank, you would be a moron to engage in using insider information for personal gain. Your career that was worth millions would be over (and I know guys who did it - they became cautionary tales).
Civil cases for insider trading or anything else don't have to be beyond a shadow of a doubt and the jury doesn't have to be unanimous. It appears that members of Congress are effectively immune to pretty much every law.
Well we know of one guy who breaks laws as often as he changes his diaper. But The Supremes got his back.