Greenfield Capital Challenges Safe Governance in Swiss Regulator Complaint
Greenfield Capital, an investor in Safe, has taken its governance dispute with the Safe Ecosystem Foundation to Switzerland’s Federal Supervisory Authority for Foundations (ESA). The firm filed a supervisory complaint after months of unsuccessful engagement, citing concerns over the foundation’s board composition and lack of independent oversight.
In an open letter to the Safe community, Greenfield founding partner Jascha Samadi argued that Safe’s governance structure is impeding the project’s potential. The complaint targets specific board members, alleging conflicts of interest and insufficient independence. Safe’s leadership, however, remains focused on growth targets, aiming to double revenue in 2026 after reporting over $10 million in annualized revenue by the end of 2025.
Greenfield claims Safe is falling behind the broader DeFi market, pointing to a 50% drop in the total value held in Safe accounts from January 2024 to August 2026. The firm also highlighted that stablecoin holdings in Safe on Ethereum increased only 11%, while total stablecoin supply grew by 135% over the same period.
Greenfield has called on the ESA to review the foundation’s governance, suggesting corrective measures may be necessary. The outcome of this review and any potential adjustments to the board composition will be critical for Safe’s stakeholders as the project continues to pursue its revenue and ecosystem goals.