The US House just passed a bill which defines Insider Trading. It has not yet been passed by the Senate.
The bill wasn’t on my radar, and I haven’t read it yet. I track the issue. Insider Trading doesn’t have a clear definition. It is rather defined by what people have been convicted of before. The English Common Law created it, and about the Great Depression it was codified as illegal in the US*. There wasn’t a clear definition of it nor well established limits. So basically if someone did something someone else has been convicted of Insider Trading for, the second person was guilty. Sometimes. Not always.
Like I said, I haven’t read the new bill yet, but I’m cautiously optimistic.
*This is a validish statement if such a statement can be made. 1909 is another year if you want antecedents to the 1934 SEC law.