My point is that you don’t own a stock until you buy it. So you can restrict the ability to buy a stock without impacting the someone’s ownership rights.
By the way, society does generally let you buy whatever you want. It’s only when your ownership of an item infringes the rights of others are you generally barred from owning something. E.g. you’re not allowed to buy nuclear weapons because they pose a danger to those around you. Allowing policy makers and their families to trade stocks also poses a danger that insider knowledge will be used for personal gain in the market. This is a form of theft against the market and public at large. What about the rights of everyone else?
It's a simple, definitive answer.