Earlier quoted context omitted.
You also have to be an insider. If I go to a bar, and overhear a pair of Googlers discussing something secret and overhear it, I can: 1) Trade on it. 2) Talk about it. Because I'm not an insider. On the other hand, if I'm sleeping with the CEO, I become an insider. Not a lawyer. Above is not legal advice. Just a comment that the line is much more complex, and talking about a potential acquisition is usually okay (if…
just so you know no one's ever been taken to court for discussing the law, it doesn't matter that you're not a lawyer, it's basically a meme
In my jurisdiction, that would involve me taking money (not just talking on the internet), so I'm not at risk, but in plenty of states, you can be. A lot of this hinges on the difference between "legal information" (which is generic) and "legal advice" (which is specific).
There are whole law review articles on this, which I read more than a decade ago, nerding on something related.
But that's beside the point. A major reason for the disclaimer is that people SHOULD be aware of my level of expertise. I do the same on technical posts too. I'll disclaim whether e.g. I have world-class expertise in a topic, worked in an adjacent domain, or read a blog post somewhere (and wish others did too). It's helpful to know people's backgrounds. I am NOT a lawyer specializing in securities law. I know enough to tell people the line is more complex than trading on non-public information, but I am utterly unqualified to tell people where that line is. If you're planning to do that, you SHOULD NOT rely on it. Either read relevant case law, talk to a genuine lawyer who specializes in this stuff, or find some other way to educate yourself on whether what you're doing is okay.
So it does matter I'm not a lawyer, if not for the reasons you mentioned.