Strikes me that to take on a Prime was an ill-conceived, ill-considered and ill-researched idea that, if nothing else, has placed Cryptsy firmly in the cross hairs of the Alphabets, if they weren't there already. With alleged money laundering by Ganza, Ganzas heavy use and promotion of Cryptsy, it will not end well there I suspect. There was talk last year that there were to be some major actions within the world of crypto imminent, and then things went quiet...
Cryptsy may have had to field issues with one or two of the Alphabets before, but I'll take an educated guess and say that once up to speed they will be in every slot, groove, cranny and nook Cryptsy have.
As with this entire farce, there are still many Acts yet to go..
Cryptsy aside, the SEC did go after a number of businesses and shut them down/fined them due to illegally selling shares (IPO's). I want to say somewhere in the 50-60 range of businesses. I'm trying to find the article now. Maybe this is what you are referring to.
In Sept 2014, they had 4 major investigations going on. One in Texas for fraudulent sales of investment vehicle that would give 7%/week, one in Florida for cash in excess of $10k for bitcoin as money laundering, Silk Road trying to say Bitcoin wasn't money, and.... I'm thinking the other one was in California maybe as a unregistered money transmitter? I can't find the article right now that went through all of them, just remember that at the same time as Garza was spinning up his scam, there were at least 3 cases that could relate directly to his activities. Don't remember seeing 50-60 businesses getting busted on unregistered securities?
Here it is, however I still seem to remember 50-60 companies somewhere. This is related to the inquiries, so maybe what im thinking of was the fines themselves.
https://www.cryptocoinsnews.com/sec-sends-inquiry-letters-hundreds-bitcoin-companies-unregistered-securities/Wasn't that approx the number of darkweb drug sites that were taken down around that time last year? Possibly that you're confusing this with?
Grrr this is going to bug me now lol.
If I remember correctly there was mention of about 10 organisations, some exchanges, that were in the firing line of investigators and the Alphabets. It was around the time that Coinbase and a few others changed their TOS to fit the new US rulings. Any account that didn't verify itself got nuked... so, a part of that time frame, and a drive by some to get up to "regulatory speed"
I'm not convinced anything came of those statements at the time as it would make more sense for time to pass so the investigation was more complete..... kind of heading in to the time of 'now' for more action to be seen as a result of those efforts made... I could be wrong but that scratchy feeling at the back of the neck says I may be right... but then, a large part of this GAw collapse has "inevitable" written all over it, you don't need Magic 8 Ball to know the outcome of this sorry saga.
Anyone still promoting a Prime with a stake rate of anything above 1% clearly doesn't understand crypto, doesn't understand economics and clearly has no sense of the shit show that IS XPY.
Reputational damage has now been done to a number of parties and I suspect, the longer people hang on to the notion that the Prime infrastructure is a good idea, the longer this painful demise will be. While entertaining on one level, it isn't a good view from the outside.
I have yet to see one good argument for maintaining stake rates above 1% for ANY wallet not just a prime. Why? Because there is NONE. Period. Those who actually understand these things will, and invariably do, agree. It's a bad idea and doesn't benefit the coin in any way. Ever.
or paycoins 
