My point isn't insider trading in particular but white collar crime in general. Even with your example, why not just make insider trading legal then, if there i

My point isn't insider trading in particular but white collar crime in general. Even with your example, why not just make insider trading legal then, if there is no victim per se? Presumably the entire reason it's illegal, in addition to what you said, is because the existence of insiders trading would make the entire stock market itself no longer something where laypeople can confidently say is fair in the sense that risk-adjusted publicly-informed trades are optimal. Presumably said laypeople would exit the stock market after losing confident of it, resulting is less liquidity. It's like pump and dumps, where the dumps aren't technically making victims of anyone as it's not like they've necessarily realized any loses. Regardless, money is being extracted from the so-called victims one way or another. in any case, I do agree with your point.