Greenfield Capital files complaint against Safe Ecosystem Foundation over unaddressed governance demands including independent board members and leadership refresh.
Regulation & Gov ·
Greenfield Capital, a Safe investor since 2022, has filed a supervisory complaint with Switzerland's Federal Supervisory Authority for Foundations over governance failures at the Safe Ecosystem Foundation. The firm documented Safe's declining market position—with assets held in Safe accounts falling from approximately $66 billion to approximately $30 billion since early 2024 while total DeFi TVL grew approximately 40 percent—and attributed the issues to governance shortcomings. Greenfield Capital's repeated requests since late 2025 for an independent board refresh, new leadership with infrastructure scaling experience, and a board-led strategy review went unaddressed, with the Foundation instead establishing an advisory commission lacking decision-making authority and promoting a board replacement from within existing circles.