Declarations

Crypto Exchange

“Make no mistake: many crypto trading platforms already come under the current definition of an exchange.”

— U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler said in prepared remarks regarding the SEC’s decision to re-open public comment on its proposal to expand the definition of an “exchange,” clarifying that its existing rules on exchanges also apply to decentralized cryptocurrency platforms (also known as DeFi platforms). The SEC voted 3-2 to take additional comments from the public after crypto firms criticized the plan as vague and aimed at roping in DeFi platforms that would otherwise not be subject to oversight.

Advertising or Art?

“They said it would be art elsewhere … It’s just not art here. … The town should not have the right to police art.”

— Said Sean Young, owner of a bakery in Conway, New Hampshire, referring to the mural high school art students painted over his shop’s doorway depicting the sun shining over a mountain range made of sprinkle-covered chocolate and strawberry donuts, a blueberry muffin, a cinnamon roll, and other pastries. The town zoning board decided the painting was advertising and could not remain as is because of its size. Faced with modifying or removing the mural, or possibly dealing with fines and criminal charges, Young sued, saying the town is violating his freedom of speech rights.

Lake Superior Wreckage

“It not only solved a chapter in the nation’s darkest day in lumber history, but also showcased a team of historians who have dedicated their lives towards making sure these stories aren’t forgotten.”

— Ric Mixter, a board member of the Great Lakes Shipwreck Historical Society and a maritime historian, said after Michigan researchers found the wreckage of two ships that disappeared into Lake Superior in 1914. The researchers hope the discovery will lead them to a third that sank at the same time, killing nearly 30 people aboard the trio of lumber-shipping vessels.

Insurance Matters

“Whether Savage had to buy as much insurance as it did is beside the point. … What matters is that it did obtain that insurance.”

— States a Texas Supreme Court opinion reversing a Court of Appeals judgment that held ExxonMobil Corp. was not insured under excess policies purchased by Exxon contractor Savage Refinery Services. As a result, two excess insurers may be liable for the more than $20 million Exxon paid to settle lawsuits filed by Savage employees who were badly burned while working at an Exxon refinery. The appeals court had ruled that a service agreement between Exxon and Savage limited coverage to $2 million, but the high court’s 6-0 decision says the agreement stipulated a minimum amount of coverage, not a maximum.

NCR Ransomware Attack

“While in-restaurant purchases and transactions continue to operate, affected customers have reduced capabilities on specific Aloha cloud-based and Counterpoint functionality that has impacted their ability to manage restaurant administrative functions.”

— Atlanta-based NCR Corp., one of the largest makers of payment systems, self-checkout technology and ATMs, said after it was hit by a ransomware attack, affecting some customer restaurants. An NCR data center was disabled by the attack, which was confirmed on April 13. Businesses most affected were using NCR’s Aloha cloud-based services and Counterpoint systems.

Pipeline Restart

“Following the line fill process, the pipeline will be operated in accordance with the restart procedures that were reviewed and approved by the Pipeline and Hazardous Materials Safety Administration.”

— Houston-based Amplify Energy Corp. stated after receiving federal regulatory approval to restart an offshore pipeline involved in a 2021 oil spill that fouled Southern California beaches. Amplify said it settled with firms associated with two ships accused of dragging anchors and striking the pipeline during a January 2021 storm, leading 25,000-gallon crude oil spill. Fishermen, tourism companies and property owners sued Amplify and the shipping vessels seeking compensation for their losses. Amplify agreed to pay $50 million and the vessel companies agreed to pay $45 million to settle those lawsuits.