Investor Seeks Swiss Intervention in Safe Ecosystem Foundation Dispute
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Written by
Simonas Brazionis - Updated 2026-10-06 06:35:39
Greenfield Capital, an investor in Safe, has filed a supervisory complaint with Switzerland’s foundation watchdog regarding the Safe Ecosystem Foundation. The complaint seeks changes to the foundation's board following months of unresolved governance concerns.
Jascha Samadi, founding partner at Greenfield, stated in an open letter to the Safe community that his firm became increasingly concerned about Safe's performance since early 2025. He cited its performance relative to the broader market and a perceived lack of independent voices on the foundation board.
Greenfield argued that Safe was losing market share despite growth in the wider crypto market. Samadi pointed out that between January 2024 and August 2026, the total value held in Safe accounts decreased from $66 billion to $30 billion, a decline exceeding 50%. During the same period, total DeFi total value locked increased by 40%.
Additionally, total stablecoin supply grew approximately 135%, while stablecoins held in Safes on Ethereum increased by only 11%. Safe's share of USDC in circulation also reportedly fell from 12.8% to 2.5%. Samadi attributed these issues to a lack of independent board members with experienced decision-making abilities.
Governance Dispute and Proposed Changes
Samadi indicated that after over a year of research, dialogue, and patience, Greenfield believes Safe will not achieve its full potential under its current governance structure. A spokesperson for the Safe Ecosystem Foundation, Samuel Akpan, noted that the foundation had not received a formal inquiry from the ESA and declined to comment on the potential complaint's specifics.
Greenfield stated it had spent months requesting the Safe Ecosystem Foundation to restructure its governance, proposing the replacement of George and the expansion of the board with independent, externally recruited members possessing expertise in finance, risk management, and business strategy. The firm is now requesting the Swiss watchdog to examine the foundation’s governance and determine if corrective measures are necessary.
