[Greenfield, an Early Investor in Safe, Files Complaint with Swiss Regulator, Questioning Safe Foundation Governance] BlockBeats News, October 4: Greenfield Capital, an early investor in Safe, released an open letter stating that it has filed a regulatory complaint with the Swiss Federal Supervisory Authority for Foundations (ESA) regarding the Safe Ecosystem Foundation. Greenfield Capital noted that since investing in Safe in 2022, it has never sold any SAFE tokens. However, the assets held in Safe accounts have decreased from approximately $6.6 billion at the beginning of 2024 to about $3 billion, while during the same period, the total value locked (TVL) in DeFi grew by about 40%, and stablecoin supply increased by 135%. In contrast, the stablecoin holdings within Safe only grew by 11%, leading Greenfield to believe that Safe's market share in the self-custody space is declining. Greenfield Capital stated that about a year ago, it was unable to form a reliable judgment based solely on information provided by the Safe team. As a result, it collaborated with former employees, key users, ecosystem developers, and other investors to conduct an independent review, concluding that the issues identified were ultimately related to governance. The firm previously called for updates to the foundation's board of directors, the inclusion of experienced and independent members, adjustments to the management team by introducing operators with experience in scaling infrastructure businesses, and a board-led review of strategy, products, organizational structure, and tokenomics, with the establishment of quantifiable key performance indicators. Greenfield Capital stated that since the end of 2025, it has made these requests directly and through legal counsel to the foundation. However, the foundation only established a strategic committee without decision-making authority and filled board vacancies with individuals from its existing circle. Consequently, Greenfield ultimately filed a regulatory complaint with the ESA. The firm emphasized that this action is not a personal lawsuit nor an attempt to take over Safe. Its focus is solely on the governance of the foundation and the composition of the board. It maintains a positive view of the work of the Safe Labs operational team and will continue to collaborate as an ecosystem participant and Safenet validator. [Original Link]