Insider trading is a serious crime, yet why is there no statute that explicitly prohibits it? Thaya Brook Knight of the Cato Institute explains how the courts have developed an understanding of Section 10b of the Securities and Exchange Act, implemented by the SEC in Rule 10b-5, to prohibit insider trading—and how that creates uncertainty in criminal law.
Reach Thaya Brook Knight on Twitter: @thayaknight
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As always, the Federalist Society takes no position on particular legal or public policy issues; all expressions of opinion are those of the speaker.
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