Safe Investor Calls on Swiss Watchdog Over Board Dispute
By Damilola Esebame
AI summary of the source article
Greenfield Capital has lodged a complaint with Switzerland's Federal Supervisory Authority for Foundations (ESA) against the board of Safe Ecosystem Foundation, alleging governance failures that hurt the protocol's market position. Founding partner Jascha Samadi cited declining performance metrics, including annualized revenue falling to roughly $8 million against a $20 million 2026 target, and total value locked dropping from about $66 billion in January 2024 to around $30 billion by August 2026. Greenfield also alleged conflicts of interest among directors Stefan George and Richard Meissner due to ties with Gnosis. The ESA will decide whether to open a formal investigation.
Why it matters
The case highlights the lack of traditional shareholder remedies in Swiss crypto foundations, testing whether regulatory complaints with foundation watchdogs can serve as an effective mechanism for resolving institutional governance disputes.
Key facts
- Greenfield Capital filed a formal complaint with Switzerland's ESA against the board of Safe Ecosystem Foundation.
- Safe's total value locked dropped from roughly $66 billion in January 2024 to around $30 billion by August 2026.
- Greenfield pointed to conflicts of interest involving Safe Foundation board members Stefan George and Richard Meissner over their ties to Gnosis.