Traditional insider trading works like this: a corporate executive learns about some big news like a merger before the public announcement, buys stock, waits for the deal to close, and sells for a profit. The SEC prosecutes him under Rule 10b-5 and he goes to prison. The U.S. spent nearly a century building an enforcement apparatus to prevent exactly this kind of information exploitation, and while it does not catch everyone, the threat of prosecution keeps most insiders from