Greenfield Capital, an investor in the Safe project, has filed a formal complaint with the Swiss Federal Supervisory Authority for Foundations (ESA). The firm is requesting regulatory intervention to address long-standing governance concerns regarding the Safe Ecosystem Foundation board.
Founding partner Jascha Samadi stated that Greenfield Capital has been concerned about the project's direction since early 2025. The investor cites poor market performance and a lack of independent board members as primary issues. Greenfield specifically alleges conflicts of interest involving board members Stefan George and Richard Meissner.
The dispute arises as Safe aims to reach break-even and double its revenue in 2026. While the project reported over $10 million in annualized revenue at the end of 2025 and set a long-term goal of $100 million by 2030, current performance is lagging. Greenfield noted that second-quarter revenue was $1.98 million, suggesting an annualized run rate of $8 million, well below the $20 million target for 2026.
Data provided by Greenfield indicates that total value in Safe accounts dropped from $66 billion to $30 billion between January 2024 and August 2026, a decline of over 50%. During the same period, the broader DeFi market grew by 40%. Additionally, Safe's share of USDC in circulation decreased from 12.8% to 2.5%, while total stablecoin supply increased by approximately 135%.
Greenfield Capital is calling for a restructuring of the foundation's governance. The firm proposes replacing current board members and appointing independent experts in finance, risk management, and business strategy. The Swiss regulator is now asked to determine if corrective measures are necessary.
