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      Greenfield Files Regulatory Complaint Against Safe Ecosystem Foundation with Swiss Authorities Over Governance Issues

      PANews reported on October 4 that, according to Jascha Samadi, a partner at European institutional-grade digital asset investment firm Greenfield Capital, the company has formally filed a regulatory complaint against the Safe Ecosystem Foundation with the Swiss Federal Supervisory Authority for Foundations (ESA). As a long-term holder since 2022, Greenfield Capital pointed out that Safe is significantly losing market share in the self-custody infrastructure space: since early 2024, the value of assets held in Safe accounts has fallen from roughly $66 billion to about $30 billion, while over the same period DeFi TVL grew by about 40% and stablecoin supply grew by 135%, yet the stablecoins held by Safe grew by only 11%.

      Greenfield Capital believes the root cause of these issues lies in the foundation's governance failure. Since late 2025, the company has repeatedly recommended that the foundation replace its board with experienced independent directors, bring in managers with infrastructure scaling experience, and establish a quantifiable KPI review mechanism, but none of these suggestions have been substantively adopted. The complaint aims to drive governance reform through regulatory intervention, rather than targeting individuals or seeking control. Greenfield emphasized that the move is intended to safeguard token holders' interests, improve transparency and accountability, and ensure that quality infrastructure is properly managed.


      Source: PANews
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