I just saw that the Tally DAO management platform is about to shut down, and the CEO’s comments are quite interesting. He said plainly that the policy environment shaped by Gensler and Biden is actually more favorable to the crypto industry—until now, when the policy direction has changed. It made me think that although regulatory pressure has been intense over the past few years, at least the overall framework was relatively clear, and some projects were able to survive under those conditions. Now that a new government has come into power, it seems even more crypto-friendly, yet the market is actually going through a reshuffle, and some products that used to be able to operate just can’t hold up anymore.

Tally’s shutdown may not be only a policy issue—it may also reflect changes in the market itself. The demand for DAO governance tools might not be as large as people imagined, or competition may have intensified. What’s interesting is that some people think a more relaxed policy environment should be better for projects, but the reality is often more complicated. Policies are indeed important, but adapting products to the market and finding real demand are just as critical. This case is worth reflecting on for the entire ecosystem.