As others have pointed out, taking a term that has a specific legal definition to relate to an illegal practice and broadening it to cover both legal and illegal activities doesn't seem like a great idea if your aim is to try and increase people's understanding of the markets. It just adds confusion. This is a shame, as your point about markets not being a level playing field because different participants are able to execute on information in different ways is worth making, especially in the context of new types of exchanges.

An analogy would be to redefine all killings (lawful or otherwise) as "murder". It's not helpful. Words have specific meanings in specific contexts, so lets stop overloading them so much when we don't have to.