Safe Investor Appeals to Swiss Watchdog to Address Governance Dispute
Greenfield Capital, an investor in Safe, has filed a supervisory complaint with Switzerland’s Federal Supervisory Authority for Foundations (ESA), requesting changes to the Safe Ecosystem Foundation's board. The move follows months of unsuccessful efforts to address governance concerns regarding the board’s independence and Safe’s performance relative to the broader market.
Background of the Dispute
Investor Greenfield Capital announced it filed a complaint with the Swiss Federal Supervisory Authority for Foundations (ESA) after observing Safe’s declining performance since early 2025. In an open letter, founder Jascha Samadi stated that despite more than a year of research, dialogue, and patience, the current governance structure hinders the project’s potential.
Safe aims to reach break-even and double its revenue in 2026. In February 2026, the project reported more than $10 million in annualized revenue by the end of 2025, setting a long-term goal of $100 million in annual recurring revenue by 2030.
Revenue Dynamics and Market Performance
Greenfield highlighted official second-quarter 2026 figures showing Safe’s revenue at $1.98 million, which annualizes to roughly $8 million—well below the $20 million target.
Between January 2024 and August 2026, total value held in Safe accounts dropped from $66 billion to $30 billion, a fall exceeding 50%, while overall DeFi total value locked increased by 40%.
Total stablecoin supply grew by approximately 135%, yet stablecoins held in Safe on Ethereum increased by only 11%, with Safe's share of USDC circulation shrinking from 12.8% to 2.5%.
Governance Concerns and Conflicts of Interest
Samadi pointed to a lack of independent board members equipped with experienced decision-making skills, limiting governance effectiveness. He further alleged conflicts of interest involving board member Stefan George's association with Gnosis and Richard Meissner's links to companies developing and operating Safe products.
Greenfield had pushed for restructuring the foundation’s board by replacing George and expanding it with independently recruited members skilled in finance, risk management, and business strategy. With no resolution from ongoing dialogue, the investor has turned to the Swiss regulator to investigate governance and determine if corrective action is needed.
Why it matters
This news highlights the critical importance of transparent and independent governance in cryptocurrency projects, especially where significant investments and sustainable financial growth are concerned. Greenfield’s appeal to the Swiss supervisory authority signals structural governance issues within Safe, potentially impacting its development and investor confidence. The case also reflects growing regulatory scrutiny over governance practices in blockchain and decentralized finance sectors, which may lead to tighter oversight and evolving industry standards.
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