Yesterday, the Supreme Court heard arguments in Salman v. United States, a case that illustrates the vague, arbitrary, and capricious nature of insider trading “laws.” Insider trading laws restrict people’s ability to buy and sell securities based on “material nonpublic information.” But what the government considers insider trading is often so nebulous that it amounts to ex post facto law: in many cases, it is impossible to know whether you’ve committed a crime until the government says you committed one.

Source: Voices for Reason – Insider Trading: The Rule of Unreason | The Ayn Rand Institute