Safe investor asks Swiss watchdog to intervene in governance dispute
Safe investor Greenfield Capital has filed a supervisory complaint with Switzerland’s Federal Supervisory Authority for Foundations, seeking changes to the Safe Ecosystem Foundation’s board. Greenfield says governance lacks independent voices and alleges conflicts of interest involving board members. It also argues Safe is losing ground despite growth in crypto markets: Safe account value reportedly fell from $66 billion in January 2024 to $30 billion in August 2026, while DeFi TVL and stablecoin supply rose. Greenfield says Safe’s second-quarter revenue of $1.98 million implies an $8 million annualized run rate, below its $20 million expectation for 2026. The firm had sought to replace a board member and add independent directors with finance, risk and strategy expertise; it is asking the watchdog to assess whether corrective action is needed.
