>>You’d be prosecuting people for concealing ownership.
Yes, and concealing ownership over the long term is more difficult (in many cases, impossible, e.g., for executives with stock packages — exactly the set of most likely insider traders) and investigating and prosecuting it is far easier vs insider trading.
Seems like a win.
The public metadata would be immensely valuable, and nobody would want to comply. You’d be prosecuting people for concealing ownership.