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In ordinary words.
The people writing the rules can sometimes trade companies affected by them.
In legal terms.
The STOCK Act adds disclosure obligations and confirms securities-law duties; it is not a blanket trading ban.
Where it stops being legal.
This practice is not categorically legal. Applicable federal, state and local laws, disclosures, procedural protections and the specific facts can make particular conduct unlawful.
General U.S.-focused information. Cases and statutes may have jurisdiction-specific exceptions. This citation may be a general primer; verify the governing primary authority. Not legal advice.