Trump Economic Adviser Kevin Hassett Disclosed Up to 5 Million USD in Coinbase Stock While the White House Rewrote Crypto Rules

A new financial disclosure shows White House economic adviser Kevin Hassett held between 1 million and 5 million USD in Coinbase stock at the end of 2025 — a position he kept while the Trump administration advanced policies that could reshape the fortunes of the largest publicly listed crypto exchange in the United States.

CNBC, citing Hassett’s latest annual financial disclosure, reported that the National Economic Council director held the Coinbase Global shares as of December 31, 2025. Federal disclosure forms report assets within value ranges rather than exact amounts, so the filing does not show the number of shares or the precise value of the position — and because the document only covers holdings through the end of 2025, it does not establish whether Hassett retained, reduced or sold the investment during 2026.

## A relationship that predates the White House

Before joining the administration, Hassett served on Coinbase’s Academic and Regulatory Advisory Council from 2021 until January 2025. His relationship with the company ended when he entered the White House, according to CNBC.

An earlier disclosure reported in June 2025 had already placed the value of Hassett’s vested Coinbase stock in the same 1 million-to-5 million USD range. That filing also showed he had received more than 50,000 USD in compensation from Coinbase for advisory work.

Coinbase trades on Nasdaq under the ticker COIN, giving investors direct exposure to the country’s largest publicly listed crypto exchange. Changes in federal rules covering token trading, stablecoins, banking access and securities oversight can directly affect the company’s operations and its appeal to shareholders — which is precisely why the holding has drawn scrutiny.

## The NEC’s central role in crypto policy

Hassett’s investment has attracted attention because the National Economic Council helps coordinate economic policy across the administration, including decisions that can affect digital asset companies.

Three days after President Donald Trump returned to office, he signed an executive order creating the President’s Working Group on Digital Asset Markets. The group was instructed to develop proposals covering crypto regulation, stablecoins and a possible national digital asset stockpile, and directed federal agencies to review rules affecting digital assets and recommend changes. Treasury, the Securities and Exchange Commission and other federal bodies received seats in the working group, which was placed under White House artificial intelligence and crypto adviser David Sacks.

Although Hassett was not the group’s chair, CNBC reported that the National Economic Council played an important part in developing the administration’s crypto agenda. Policy work under the group extended to market regulation, access to banking services, stablecoin rules and the tax treatment of digital assets — each area carrying possible financial consequences for Coinbase, which operates a US trading platform, provides custody services and earns revenue from stablecoin-related activity.

Later in 2025, the working group published recommendations for federal agencies and Congress, calling for clearer divisions of authority between the SEC and the Commodity Futures Trading Commission, federal legislation for digital asset markets, and updated banking guidance for crypto companies.

## Hassett says he has avoided crypto matters

Hassett told CNBC he had stayed away from cryptocurrency matters after consulting government ethics officials. The White House defended his conduct, saying he “has always and continues to fully comply with all ethical requirements.”

The available disclosure does not show whether Hassett received a formal waiver, sold the Coinbase position after December 2025, or placed restrictions on his ability to trade the shares.

Federal ethics rules generally require executive branch employees to avoid participating personally and substantially in matters that could have a direct and predictable effect on their financial interests. How the rules apply depends on the employee’s duties, the type of government matter involved and any recusal or waiver approved by ethics officials.

Former SEC ethics lawyer Shira Pavis Minton Kantor told CNBC the size of Hassett’s holding represented a “significant conflict of interest” — or, at minimum, created the appearance of one. Her assessment concerned the overlap between Hassett’s financial exposure to Coinbase and the NEC’s role in policy discussions affecting the crypto sector. The report did not say Hassett had violated a federal ethics law or participated in a specific decision benefiting the company.

Any finding of an ethics breach would require evidence about the matters Hassett handled, the steps he took to recuse himself and the advice provided by White House ethics officials. The disclosed ownership alone establishes a financial interest but does not prove misconduct.

## Coinbase has built a large role in US crypto politics

The disclosure lands against a backdrop of heavy crypto political spending. Coinbase joined Ripple, Andreessen Horowitz and other crypto companies in backing Fairshake, a bipartisan super PAC supporting candidates viewed as favorable to digital asset legislation, with the industry pouring millions of dollars into the PAC and its affiliates during the 2024 election cycle.

Coinbase CEO Brian Armstrong described the 2024 election as a win for the industry, arguing voters had elected what he expected to become the most pro-crypto Congress in US history, and called for legislation setting clearer rules for crypto companies and their customers. Armstrong has also met Trump and other senior administration officials during discussions about digital asset policy, and Coinbase contributed 1 million USD to Trump’s inaugural committee while its policy team continued lobbying Congress over market-structure and stablecoin legislation.

Federal policy changes during Trump’s second term have directly affected the company. In February 2025, the SEC voted to dismiss its civil enforcement case against Coinbase, ending litigation that had accused the exchange of operating as an unregistered securities platform and offering an unregistered staking service. Commissioners approved the dismissal with prejudice, preventing the agency from bringing the same claims again. The SEC said the dismissal was intended to support its work on a new regulatory approach and did not express a view on the merits of Coinbase’s legal arguments.

For market context, Bitcoin traded near 77,300 USD at the time of writing, with the disclosure adding a political-overhang narrative to a week already dominated by ETF outflows and Federal Reserve rate expectations.

The story is ultimately about optics as much as law: a top economic adviser holding a seven-figure stake in the country’s biggest crypto exchange while the White House rewrites the rules that govern it. Whether or not Hassett technically crossed any line, the appearance problem is now on the public record.