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Major Governance Platform Tally Announces Shutdown Amid Regulatory Shifts

Tally announced its shutdown amid the shifting regulatory climate regarding cryptocurrencies in the US.
George Georgiev
By George Georgiev

The regulatory climate in the US is shifting, and although many consider it for the better, the changes are already taking effect.

Tally, a governance tooling platform that’s used by more than 500 decentralized autonomous organizations (DAOs), including Uniswap, Ethereum Name Service (ENS), and Arbitrum, announced that it will be shutting down after more than five years of operations.

In a video posted on X, the CEO of Tally, Dennison Bertram, outlined some reasons for the decision to wind down operations.

The move comes just as the SEC and the CFTC issued joint guidance clarifying that most cryptocurrencies are not securities, a major de-risking event for the entire industry.

While the previous administration pushed many projects toward a decentralized structure in the form of a DAO to reduce legal risk, the current, more relaxed environment has reduced demand for DAO governance, as Wu Blockchain noted in its commentary on the news.

Tally will not be conducting an ICO. Bertram said that continuation plans are already in the works with all of the firm’s enterprise clients, while the interface will remain operational for them as needed.

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George Georgiev
George Georgiev
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Georgi Georgiev is CryptoPotato's editor-in-chief and a seasoned writer with over 8 years of experience writing about blockchain and cryptocurrencies. Georgi's passion for Bitcoin and cryptocurrencies bloomed in late 2016 and he hasn't looked back since. Crypto’s technological and economic implications are what interest him most, and he has one eye turned to the market whenever he’s not sleeping.