It's time to legalize insider trading

M&A is on fire again, and according to a new study from professors at the Stern School of Business at NYU and McGill University, so is insider trading. The study says that up to a quarter of all M&A deals may foster some level of insider trading. 
As insider trading is clearly already pervasive, and a significant use of time and resources, I think it's time to finally legalize insider trading.

That assertion sounds shocking and awful — how could anyone advocate for insider trading? I encourage you to read beyond the headline to think about the role of information, the lack of victims and the actual analysis of what trading on non-public information means.
For clarification, I am speaking purely about the legality of trading on insider information. I do believe strongly that those with access to information should ethically and morally respect any confidentiality agreements and fiduciary duties with the companies from where they are accessing the information, but that is a separate civil, not a criminal, matter.