I don't have much of an opinion one way or another about insider trading laws. That said, I think the single biggest benefit to removing them would be destroying this fictional notion that all investors have equal access to ALL potential investor relevant information. This is simply untrue and anyone investing with the idea that it is true is deluding themselves.
Insider trading laws don't try to make everyone have equal access to information, they try to make everyone have equal access to a very constrained subset of information, because any legal scheme that tried to do more than that would be destined to fail.
Insider trading laws don't try to make everyone have equal access to information, they try to make everyone have equal access to a very constrained subset of information, because any legal scheme that tried to do more than that would be destined to fail.