Rather than banning officials from owning individual stocks, just make all trades transparent in real time along with actual beneficial ownership (e.g., if someone owns stocks through an LLC, Trust, etc.).

This would nearly instantly eliminate most of the advantage of insider trading with far less regulatory overhead and the inevitable over- and under-prosecution of crimes. Elon Musk or Mark Cuban or some legislator starts buying batches of options? Everyone already knows and the market can move on it's own.