The CEO of Tally, the leading DAO governance platform used by Uniswap, Arbitrum, and ENS, has shut down his company, citing a shift in U.S. regulatory policy under the Trump administration as the catalyst.
Under SEC Chair Gary Gensler, crypto projects faced legal risk if centralization was evident. To avoid classification as securities, firms adopted decentralized governance via DAOs-creating demand for platforms like Tally. With the current administration signaling less enforcement, many protocols are now abandoning decentralization.
Tally’s business model relied on an 'infinite garden' of L2s and protocols. That vision collapsed: only a handful of dominant chains remain. Major players including Across Protocol, Jupiter, and Yuga Labs have abandoned their DAO structures.
"Decentralization is no longer a requirement," Bertram said. "It’s optional. And most teams choose not to pay for it."
He also pointed to AI as a competing narrative that’s siphoning top talent away from crypto.
Bertram still believes in crypto but no longer views it as early-stage. The era of mass governance tooling may be over.