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, an investor in Safe, says it has filed a supervisory complaint with Switzerland’s foundation watchdog, seeking changes to Safe Ecosystem Foundation’s board after months of engagement failed to resolve its governance concerns.

In an open letter to the Safe community on Sunday, Greenfield founding partner Jascha Samadi said the complaint to Switzerland’s Federal Supervisory Authority for Foundations (ESA) comes after his firm became “increasingly concerned” about the state of Safe since early 2025, citing its performance relative to the broader market and a lack of independent voices on the foundation board. 

“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,” Samadi said. 

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