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I believe it actually says "gaps in U.S. and international enforcement of legal prohibitions on informed trading.", then later goes on to say " But as its name

I believe it actually says "gaps in U.S. and international enforcement of legal prohibitions on informed trading.", then later goes on to say " But as its name suggests, the U.S. law of insider trading is a poor fit for trading patterns of the kind we document here." (page 38). So it does seem to understand that insider trading doesn't apply to the data here. I think "informed trading" meaning prior knowledge (not insider company trading) is the relevant point here.

yieldcrv 3y ago
they buried the lede quite far there. yes, they are trying to shift opinions for this stretch of a case and masquerading it as academic. this is an enthusiast blog post at best, should have just posted it on Seeking Alpha or even just Medium its good entertainment, they should have left a patreon link at the bottom