John C. Coffee Jr. Insider Trading Law at Another Crossroads: 'Blaszczak' Shows the Need for Legislation
In this edition of his Corporate Securities column, John C. Coffee Jr. discusses that the current scope of insider trading law, which remains unresolved and is unlikely to be resolved by an upcoming Second Circuit decision on remand in 'Blaszczak'. He writes: The case for a legislative resolution of the issue thus grows stronger, and passage of a revised insider trading law is now feasible in view of the Democrats' razor-thin majority in the Senate.
May 19, 2021 at 12:45 PM
10 minute read
In Blaszczak v. United States, 947 F.3d 19 (2d Cir. 2019), federal prosecutors won two notable victories, expanding the scope of the insider trading prohibition. As of today, they have abandoned one of those victories; the other is in a state of uncertainty, and the scope of insider trading law remains unresolved. Nor is it likely that the Second Circuit's decision on remand in Blaszczak will resolve the most important open issue. The case for a legislative resolution of the issue thus grows stronger, and passage of a revised insider trading law is now feasible in view of the Democrats' razor-thin majority in the Senate (and the fact that few Republicans have any strong desire to appear protective of insider trading).
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