If they are in a position to have inside information about the future performance of those assett classes it's arguably not "fine." Let's say the buy up a lot

If they are in a position to have inside information about the future performance of those assett classes it's arguably not "fine." Let's say the buy up a lot of houses before passing new regulation that specifically makes those properties increase dramatically in value. I'd argue that is insider trading in spirit, despite those properties not being covered securities. Similar for policy that might substantially impact crypto, Art, etc... There are endless ways to leverege their power and inside knowledge for personal gain. With securities trading it's at least possible for retail investors to ride along, buying up $NANC or mimic'ing specific traders and trades.