This article (Smith and Block, 2016) discusses the regulations of Security and Exchange Commission (SEC) and the impact of them on the insider trading. It maintains that not only it is not a crime but also decreases the risk for investors and in some ways, everyone is harmed by the process of the market. Additionally, the authors state that due to the rapid of the contemporary trading markets, the regulations of SEC reduces the speed of transmission of information to those who are on higher rank.
From a practical business perspective, insider trading is generally a negative situation and the arguments that the authors provide have to be questioned. Insider trading is illegal and whoever do that should be considered as a criminal.