Greenfield Capital has asked Switzerland’s foundation regulator to examine the governance of Safe Ecosystem Foundation, arguing that the organization needs a broader and more independent board. The investor says it pursued changes for months before filing the supervisory complaint. According to Cointelegraph, the move follows more than a year of research and discussions over Safe’s performance and decision-making structure.
Complaint follows prolonged governance dispute
Greenfield founding partner Jascha Samadi said in an open letter to the Safe community that the firm had become increasingly concerned about the foundation’s direction since early 2025. The investor cited Safe’s performance compared with the wider crypto market and what it described as a shortage of independent voices on the foundation’s board.
The complaint was filed with Switzerland’s Federal Supervisory Authority for Foundations, known by its initials ESA. Greenfield is asking the watchdog to assess the foundation’s governance and decide whether corrective action is required.
Samadi said Greenfield no longer believed Safe could reach its potential under the current structure. The firm had previously asked the foundation to replace board member Stefan George and add independent members recruited from outside the existing organization. It proposed candidates with experience in finance, risk management and business strategy.
Greenfield also alleged potential conflicts involving George’s position at Gnosis and fellow board member Richard Meissner’s connections to businesses developing and operating Safe products. These are allegations raised by the investor; the source material does not report a ruling by the Swiss regulator.
Investor challenges revenue and market performance
The governance disagreement comes as Safe targets break-even and plans to double revenue in 2026. In a February announcement, the project said annualized, project-wide revenue had exceeded $10 million at the end of 2025. Safe has also set a longer-term objective of reaching $100 million in annual recurring revenue by 2030.
Greenfield questioned whether the project is on track. It pointed to second-quarter revenue of $1.98 million, which it calculated as an annualized run rate of $8 million—well below a $20 million expectation for 2026.
The investor also compared Safe’s figures with developments across crypto markets. It said the total value held in Safe accounts declined from $66 billion in January 2024 to $30 billion in August 2026, a fall of more than 50%. Greenfield contrasted that with 40% growth in total decentralized-finance value locked over the same period.
Stablecoin-related figures were another focus. Greenfield said total stablecoin supply rose by roughly 135%, while stablecoins held in Safe accounts on Ethereum increased by only 11%. It also said Safe’s share of USDC in circulation dropped from 12.8% to 2.5%.
Safe market picture
Moneyiar data at 09:39 on October 5, 2026, showed Safe (SAFE) trading at $0.1193990442, up 5.32% over 24 hours and 9.52% over seven days. At 09:38, Monad (MON) was $0.032374669, down 5.13% in 24 hours but up 16.35% over seven days; Cap (CAP) was $0.0646466195, down 3.89% and up 17.81%, respectively; and Dog (Bitcoin) (DOG) was $0.0009814607, up 2.62% over 24 hours and 2.2% over seven days.
The regulator’s response to Greenfield’s complaint was not included in the source material. The dispute therefore remains focused on whether Safe’s current board structure and oversight arrangements are adequate for the project’s stated growth goals.
