Safe investor asks Swiss watchdog to intervene in governance dispute
Greenfield Capital said it sought changes to Safe Ecosystem Foundation’s board for months before turning to the Swiss regulator.
Greenfield Capital, a Safe investor, has requested the Swiss regulator to intervene in the foundation's governance dispute. After months of unsuccessful attempts to resolve their concerns, Greenfield filed a supervisory complaint with Switzerland’s foundation watchdog, the Federal Supervisory Authority for Foundations (ESA). In an open letter to the Safe community, Greenfield's founding partner Jascha Samadi cited poor performance, a lack of independent voices on the board, and conflicts of interest as the reasons for his dissatisfaction.
Samadi argued that Safe was losing ground despite the broader crypto market's growth and pointed to a 50% decline in the total value held in Safe accounts between 2024 and 2026. The firm accused board members Stefan George and Richard Meissner of having conflicts of interest due to their roles at Gnosis and ties to Safe product developers, respectively.
Greenfield demanded a review of Safe's governance, seeking corrective measures to ensure the project's success and its potential to reach break-even and double its revenue by 2026.
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