Like letting athletes take steroids...
You are NOT free to do as you will, once you freely enter into a contract with somebody else to NOT do something. The insider would not have received the tradable information had they not signed some sort of nondisclosure agreement.
Problem with insider trading isn’t the insider trading per se. It’s the corruption that flows from it. If you legalize it, expect bribery, kickbacks, etc. to become a normal part of doing business for people in senior management of publicly traded companies. A lot of people who have no moral qualms about insider trading, also will have no moral qualms about buying said inside information.
Legalize it. Congress already excludes themselves. Even the field and screw over Pelosi at the same time.
Why shouldn’t we all possibly benefit from having a friend who knows that his company is about to reveal a great new device, but he can’t tell you because it’s illegal.
It’s time for Government to reduce. Everything.