Greenfield Capital, an investor in Secure, says it has filed a supervisory grievance with Switzerland’s basis watchdog, in search of adjustments to Secure Ecosystem Basis’s board after months of engagement did not resolve its governance issues.
In an open letter to the Secure neighborhood on Sunday, Greenfield founding associate Jascha Samadi mentioned the grievance to Switzerland’s Federal Supervisory Authority for Foundations (ESA) comes after his agency grew to become “more and more involved” concerning the state of Secure since early 2025, citing its efficiency relative to the broader market and an absence of unbiased voices on the inspiration board.
“However now we have come to imagine, after greater than a yr of analysis, dialogue and persistence, that Secure is not going to attain its potential below its present governance,” Samadi mentioned.
The governance dispute comes as Secure is focusing on break-even and a doubling of income in 2026. In a February announcement, the undertaking reported greater than $10 million in project-wide annualized income on the finish of 2025, and outlined a longer-term ambition to succeed in $100 million in annual recurring income by 2030.
Greenfield questions Secure’s income development
Nonetheless, Greenfield pointed to $1.98 million in second-quarter income, equal to an annualized run fee of $8 million, as far under the $20 million expectation for 2026.
The agency argued that Secure was dropping floor regardless of development within the broader crypto market. Samadi mentioned between January 2024 and August 2026, complete worth held in Secure accounts fell from $66 billion to $30 billion, declining greater than 50%, whereas complete DeFi complete worth locked grew 40%.
Over the identical interval, complete stablecoin provide grew roughly 135%, whereas stablecoins held in Safes on Ethereum grew solely 11%, and Secure’s share of USDC in circulation fell from 12.8% to 2.5%.
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“Within the class that has grown essentially the most and that self-custody infrastructure is finest positioned to serve, Secure has been dropping floor for 2 and a half years.”
Samadi attributed lots of these issues to an absence of unbiased board members with “skilled decision-making.” He additionally alleged conflicts of curiosity involving board member Stefan George’s function at Gnosis and fellow board member Richard Meissner’s ties to corporations creating and working Secure merchandise.
Greenfield mentioned it had spent months asking the inspiration to restructure its governance, changing George and increasing the board with unbiased, externally recruited members with experience in finance, threat administration and enterprise technique. It’s now asking the Swiss watchdog to look at the inspiration’s governance and decide whether or not corrective measures are wanted.
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