Safe early-stage investor Greenfield has filed a complaint with Swiss regulators, questioning the governance of the Safe Foundation.

October 4 — Safe early investor Greenfield Capital has published an open letter stating that it has filed a regulatory complaint with the Swiss Federal Foundation Supervisory Authority (ESA) regarding the Safe Ecosystem Foundation. Greenfield Capital stated that it has never sold any SAFE tokens since investing in Safe in 2022, but the scale of assets held in Safe accounts has dropped from approximately $6.6 billion at the beginning of 2024 to approximately $3 billion, while during the same period total DeFi TVL grew by approximately 40% and stablecoin supply grew by 135%. Stablecoins in Safe grew by only 11%, so it believes Safe's share of the self-custody market is declining.

Greenfield Capital said that about a year ago it was unable to form a reliable judgment based solely on information provided by the Safe team, so it conducted an independent review together with former employees, major users, ecosystem developers, and other investors, and believes the issues it found are ultimately all related to governance. The institution had previously requested an update to the foundation's board of directors, bringing in experienced and independent members; adjustments to management, bringing in operators with experience scaling infrastructure businesses; and for the board to lead a review of strategy, product, organizational structure, and tokenomics, and to set quantifiable key performance indicators.

Greenfield Capital stated that since the end of 2025, it has made the above requests to the foundation directly and through legal counsel, but the foundation only established a strategic committee without decision-making power and appointed people from its existing circle to fill board vacancies, so it ultimately filed a regulatory complaint with ESA. The institution emphasized that this action is not a lawsuit against individuals and is not intended to take over Safe. Its focus is limited to foundation governance and board composition. It remains positive about the work of the Safe Labs operating team and will continue to cooperate as an ecosystem participant and Safenet validator.