I've heard (from talk w/ SP people), that there is very rare plant life (one in particular that I don't know the name) that has only been found there, along the shore, where many people like to walk.
It's also why they limit horses from that area.
The meadow in Long Valley is also fragile, and the SP has sectioned off one area to the east to study. There's talk of a raised walkway around some parts on the meadow.
So, at the least, observe from a distance, but it may become restricted in the future.
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