Greenfield Escalates Safe Governance Dispute with Swiss Watchdog Complaint
Greenfield Capital, an investor in Safe, has escalated its governance dispute by filing a formal complaint with Switzerland’s Federal Supervisory Authority for Foundations (ESA). The move follows months of failed engagement with Safe Ecosystem Foundation over concerns about its board’s composition and performance.
In an open letter to the Safe community, Greenfield founding partner Jascha Samadi cited a lack of independent voices on the foundation’s board and questioned Safe’s revenue growth. The firm highlighted that Safe’s second-quarter revenue of $1.98 million fell short of the $20 million expectation for 2026, raising concerns about its financial trajectory.
Samadi pointed to a significant decline in total value held in Safe accounts, which dropped from $66 billion in January 2024 to $30 billion by August 2026, a 50% decrease, while the broader DeFi market grew by 40%. Stablecoin supply in Safe accounts also underperformed, growing only 11% compared to a 135% increase in total stablecoin supply.
Greenfield accused board members Stefan George and Richard Meissner of conflicts of interest, alleging that George’s role at Gnosis and Meissner’s ties to Safe-related companies compromised governance. The firm is now urging the Swiss watchdog to examine the foundation’s governance and implement corrective measures to ensure Safe reaches its potential.