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Greenfield Capital says it filed a supervisory complaint with Switzerland’s Federal Supervisory Authority for Foundations (ESA), asking it to examine the Safe Ecosystem Foundation’s governance and consider corrective measures. Cointelegraph reported the complaint on Oct. 5, 2026, and updated its article on Oct. 6. The report does not independently confirm that ESA received the filing, opened an inquiry or took action.
What Greenfield says it wants ESA to examine
Greenfield founding partner Jascha Samadi said the firm had become increasingly concerned about Safe’s direction since early 2025. Greenfield said it had spent months seeking changes directly before escalating the dispute to the regulator.
The investor’s requested board changes include replacing board member Stefan George and adding independent members recruited from outside the organization. Greenfield said those outside directors should bring experience in finance, risk management and business strategy.
Greenfield also alleged conflicts of interest involving George’s role at Gnosis and fellow board member Richard Meissner’s ties to companies developing and operating Safe products. These are Greenfield’s allegations as reported by Cointelegraph, not findings established by the regulator or independently substantiated in the report.
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Why Greenfield says it is concerned about Safe’s performance
Greenfield’s case combines concerns about governance with its assessment of Safe’s business and adoption. The financial and market figures below are claims attributed to Greenfield or project statements described by Cointelegraph; they are not presented as independently audited or verified results.
Revenue figures and targets are different measures
- Greenfield cited $1.98 million in revenue for the second quarter and characterized that as an $8 million annualized run rate. It compared the run rate with a $20 million expectation for 2026.
- A Safe project announcement in February 2026, as reported by Cointelegraph, said project-wide annualized revenue had exceeded $10 million at the end of 2025.
- Safe’s reported ambition of $100 million in annual recurring revenue by 2030 is a future target, not revenue already achieved.
These figures should not be treated as interchangeable: one is a quarterly revenue figure, one is an annualized run rate attributed to Greenfield, one is a project-wide annualized revenue statement, and one is a long-term target.
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Greenfield’s market and asset comparisons
For January 2024 through August 2026, Samadi cited a decline in value held in Safe accounts from $66 billion to $30 billion. Greenfield contrasted that with its reported estimates of 40% growth in total DeFi value locked and roughly 135% growth in total stablecoin supply over the same period. The investor also cited 11% growth in stablecoins held in Safes on Ethereum and a fall in Safe’s share of circulating USDC from 12.8% to 2.5%. These comparisons are Greenfield’s argument that Safe lost ground while parts of the wider market grew; the report does not independently verify the figures.
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Safe Ecosystem Foundation spokesperson Samuel Akpan told Cointelegraph that the foundation had not received a formal inquiry from ESA and declined to comment on details of the potential complaint. That response does not establish whether ESA received Greenfield’s complaint or whether the regulator has begun reviewing it.
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Samadi summarized Greenfield’s position by saying: “But we have come to believe, after more than a year of research, dialogue and patience, that Safe will not reach its potential under its current governance.” This is the investor’s view, not an ESA conclusion.
The reported account does not include an official statement from ESA or a court finding. It therefore establishes neither that the regulator has intervened nor that Safe’s governance or the alleged conflicts violate any rule. Any later assessment would depend on a formal response from ESA or the foundation and evidence supporting the competing claims.
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