National Economic Council Director Kevin Hassett disclosed holding between $1 million and $5 million in vested Coinbase shares at the end of 2025, according to his latest annual financial filing. As reported by CNBC, Hassett served on Coinbase Asset Management's advisory council from March 2021 until January 2025, when he joined the White House. The filing does not confirm whether he sold the shares afterward, leaving the current ownership status unclear. An earlier disclosure in June 2025 had already placed the value of Hassett's vested Coinbase stock within the same $1 million-to-$5 million range, showing he had received more than $50,000 in compensation from Coinbase for advisory work. The disclosure timing raises significant ethical concerns as three days after Trump's second inauguration, an executive order established the President's Working Group on Digital Asset Markets, with Hassett's office named as a member.
The disclosure timing raises significant ethical concerns as three days after Trump's second inauguration, an executive order established the President's Working Group on Digital Asset Markets, with Hassett's office named as a member. According to Democracy Defenders Fund, the group proposed significant changes to digital asset regulations and reversed Biden-era crypto policies, aligning with Coinbase's lobbying efforts. Hassett stated he recused himself from crypto matters after consulting government ethics officials, choosing not to sell the shares to avoid the appearance of timing. The Trump administration has taken a more accommodating stance toward digital assets than its predecessor, including discussions on U.S. digital currency frameworks and a general push for blockchain innovation. The National Economic Council played an important part in developing the administration's crypto agenda, with the working group publishing recommendations for federal agencies and Congress that called for clearer divisions of authority between the SEC and the Commodity Futures Trading Commission.
Hassett's sustained stake underscores potential upside for COIN shares under a clearer regulatory framework. The January 2024 approval of spot Bitcoin ETFs directly benefited Coinbase, which serves as primary custodian for several of these products. Bitcoin currently trades at $76,943, while Ethereum's $2,454 price reflects ongoing enthusiasm in the broader crypto market. Policy shifts favoring digital assets directly impact Coinbase's trading volumes, custody services, and overall profitability. The company has built a large role in U.S. crypto politics, joining Ripple and Andreessen Horowitz in backing the bipartisan super PAC Fairshake during the 2024 election cycle. During Trump's second term, federal policy changes directly affected the company, with the SEC voting to dismiss its civil enforcement case against Coinbase in February 2025, ending litigation that had accused the exchange of operating as an unregistered securities platform.
Former SEC ethics lawyer Shira Pavis Minton Kantor told CNBC that 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 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 in matters that could have a direct and predictable effect on their financial interests. 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.
