PANews October 4 news: According to disclosure by Jascha Samadi, partner at European institutional-grade digital asset investment firm Greenfield Capital, the company has officially submitted a regulatory complaint to the Swiss Federal Supervisory Authority for Foundations (ESA) regarding the Safe ecosystem foundation. As a long-term holder since 2022, Greenfield Capital pointed out that Safe's market share in the self-custody infrastructure sector is declining significantly: since the beginning of 2024, the value of assets held in Safe accounts has fallen from about $66 billion to about $30 billion, while during the same period DeFi TVL grew by about 40% and stablecoin supply increased by 135%, but stablecoins held by Safe grew by only 11%.
Greenfield Capital believes the root cause of the above problems lies in the foundation's governance failure. Since the end of 2025, the company has repeatedly recommended that the foundation replace experienced independent board members, bring in managers with infrastructure scaling experience, and establish a quantifiable KPI review mechanism, but none of these have been substantively adopted. This complaint aims to promote governance reform through regulatory intervention, rather than targeting individuals or contesting control. Greenfield emphasized that this move is intended to protect token holders' rights, enhance transparency and accountability, and ensure that high-quality infrastructure is properly managed.