Greenfield Escalates Safe Governance Dispute to Swiss Regulator
Greenfield Capital, a major investor in Safe, has taken its governance concerns to Switzerland’s Federal Supervisory Authority for Foundations (ESA) by filing a supervisory complaint. The move follows months of unsuccessful engagement with the Safe Ecosystem Foundation, which Greenfield claims failed to address issues about board composition and independence.
In an open letter to the Safe community, Greenfield founding partner Jascha Samadi argued that the current governance structure is preventing Safe from achieving its goals. The complaint comes as Safe aims for aggressive financial targets, including break-even by 2026 and a substantial increase in revenue. Greenfield alleges potential conflicts of interest among board members and calls for governance corrective measures.
Greenfield highlights Safe’s weakening market position, pointing to a decline in stablecoin holdings and slower growth compared to broader DeFi trends. From January 2024 to August 2026, the total value held in Safe accounts dropped from $66 billion to $30 billion, a more than 50% decrease. Meanwhile, total value locked in DeFi increased by 40% over the same period, and stablecoin supply grew by 135%, while stablecoins held in Safes on Ethereum rose only 11%.
The investor also questions the board’s independence, citing Stefan George’s role at Gnosis and Richard Meissner’s ties to companies developing Safe products. Greenfield had previously proposed restructuring the board with additional independent members but claims its efforts were ignored. The dispute could influence Safe’s strategy, board oversight, and accountability mechanisms, affecting users and investors relying on its infrastructure.