Safe Governance Under Pressure as Greenfield Files Swiss Supervisory Complaint

ZURICH, Oct. 5 (CandyPulse) — A governance dispute at Safe, the company behind one of crypto's most widely used multi-signature wallets, has escalated. Early investor Greenfield Capital says it has filed a supervisory complaint with Switzerland's foundation supervisor over the governance of the Safe Ecosystem Foundation.

What Greenfield is asking for

Greenfield founding partner Jascha Samadi said the firm had become "increasingly concerned" about Safe since early 2025. Its main concerns are:

• Board composition and independence: it says the foundation board lacks independent voices.
• Performance: it points to how Safe has fared compared with the wider market.

Greenfield wants the board expanded with independently recruited members who bring expertise in finance, risk management and business strategy, along with changes at the top of the board.

Why Switzerland?

Many crypto foundations are based in Switzerland, where foundations are overseen by a supervisory authority. Filing a complaint asks that authority to review whether the foundation is being governed properly. It doesn't automatically lead to changes.

Why it matters

Safe is a core piece of crypto infrastructure. Its smart-contract wallets secure billions of dollars for DAOs, companies and individuals. Questions about how it's governed matter to a lot of people, even those who never hold the SAFE token.

The case also highlights a recurring issue in crypto: foundations often control major projects, but token holders and investors can have limited say over how they're run.

The other side

The Safe Ecosystem Foundation's response hasn't been detailed in the reports. Governance disputes like this often involve very different views of a project's direction, so it's worth waiting for the foundation's side.

What's next

Watch for the Swiss supervisor's response and any statement from the Safe Ecosystem Foundation. Changes to the board, if any, could take time.

This article is for information only and is not legal or financial advice.