Does a Developer’s Knowledge of a Major Protocol Upgrade Count as inside Information?
It can, depending on the nature and public availability of the information. If a major upgrade is expected to significantly impact the token's utility or value, and the details are known only to a small group of core developers before a public announcement, that knowledge is non-public and price-sensitive.
Trading on this information, or tipping others, could be viewed as insider dealing, especially if the token is deemed a security or derivative under relevant jurisdiction.
Glossar
Protocol Upgrade
Implementation ⎊ Protocol upgrades represent a fundamental shift in the operational parameters of a blockchain network, necessitating coordinated changes to the underlying software governing consensus mechanisms and state transitions.
Upgrade
Iteration ⎊ An upgrade, within cryptocurrency, options trading, and financial derivatives, signifies a protocol or system evolution, often implemented through hard forks or soft forks in blockchain technology, impacting consensus mechanisms and smart contract functionality.