Safe investor Greenfield Capital asks Swiss watchdog to review foundation board
In brief
- Greenfield Capital said it filed a complaint with Switzerland's Federal Supervisory Authority for Foundations.
- Greenfield wants Stefan George replaced and independent members added to Safe's board.
- Founding partner Jascha Samadi alleged conflicts of interest involving board members George and Richard Meissner.
- Value held in Safe accounts fell from $66 billion to $30 billion, Greenfield said.
Months of pressure before the complaint
Greenfield says the regulator wasn't its first stop. The firm said it spent months asking the foundation to replace board member Stefan George and expand the board with independent, externally recruited members who have expertise in finance, risk management and business strategy.
Now it's turning to Switzerland.
Greenfield is asking the Swiss watchdog to examine the foundation's governance and determine whether corrective measures are needed. Samadi said his firm became "increasingly concerned" about Safe since early 2025, citing its performance relative to the broader market and a lack of independent voices on the foundation board. He 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. Samadi attributed many of those concerns to a lack of independent board members with "experienced decision-making."
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,
The numbers Greenfield cites
Most of the case rests on market share. Samadi said total value held in Safe accounts fell from $66 billion to $30 billion between January 2024 and August 2026, while total DeFi TVL grew 40%. Stablecoins don't look much better by Greenfield's count: total supply grew roughly 135% over the same period, while stablecoins held in Safes on Ethereum grew 11%. The firm said Safe's share of USDC in circulation fell from 12.8% to 2.5%.
Revenue is the other sore point. Greenfield pointed to $1.98 million in second-quarter revenue (an annualized run rate of $8 million) as far below the $20 million expectation for 2026.
Safe's own targets
Safe's projections read differently. In a February announcement, the project reported more than $10 million in project-wide annualized revenue at the end of 2025 and outlined a longer-term goal of reaching $100 million in annual recurring revenue by 2030. It's also targeting break-even and a doubling of revenue in 2026, according to Cointelegraph.
Cointelegraph's report included no response from Safe Ecosystem Foundation, George or Meissner.
