Greenfield Capital has formally filed a regulatory complaint against the Safe Ecosystem Foundation with the Swiss Federal Supervisory Authority for Foundations (ESA), citing severe governance failures and declining market performance. The institutional investor reports that assets held in Safe accounts have plummeted from approximately $66 billion to $30 billion since early 2024, significantly underperforming broader market growth as DeFi TVL rose 40% and stablecoin supply expanded 135% during the same period. The complaint alleges that the foundation has repeatedly ignored recommendations made since late 2025 to replace its board with independent directors, hire infrastructure scaling experts, and establish quantifiable KPI reviews. Greenfield Capital states the regulatory filing aims to drive governance reform and protect token holder interests through oversight intervention rather than seeking control or targeting specific individuals.