White House economic adviser Kevin Hassett disclosed that he owned between $1 million and $5 million worth of Coinbase shares at the end of 2025, while the Trump administration was working on policies affecting the U.S. crypto industry.
Hassett’s latest financial disclosure, reported by CNBC, showed that he held the Coinbase stock as of Dec. 31, 2025. Federal disclosure forms use value ranges, so the filing does not show the exact number of shares or their precise value.
The disclosure also does not show whether Hassett still owns the shares in 2026, reduced his position, or sold the investment.
Before joining the Trump administration, Hassett served on Coinbase’s Academic and Regulatory Advisory Council from 2021 until January 2025. He left that role when he entered the White House.
An earlier financial disclosure from June 2025 also valued his vested Coinbase stock between $1 million and $5 million. That filing showed he had received more than $50,000 from Coinbase for advisory work.
The investment has attracted attention because Hassett leads the National Economic Council, which helps coordinate economic policy across the White House. Some of that policy work can affect the crypto industry, including rules covering digital assets, stablecoins, banking access, and securities.
Soon 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 tasked with developing recommendations on crypto regulation, stablecoins, and a possible national digital-asset stockpile.
David Sacks, the White House AI and crypto adviser, was placed in charge of the group. Hassett was not its chair, but the National Economic Council played an important role in the administration’s broader crypto policy work.
Later in 2025, the working group released recommendations calling for clearer responsibilities between the Securities and Exchange Commission and the Commodity Futures Trading Commission, new federal rules for digital-asset markets, and updated banking guidance for crypto companies.
These policies could have financial effects on Coinbase because the company operates a major U.S. crypto exchange, provides custody services, and earns revenue from stablecoin-related activity.
Hassett told CNBC that he had stayed away from cryptocurrency-related matters after consulting government ethics officials. The White House also said he had fully complied with ethical requirements.
The available disclosure does not show whether Hassett received a formal ethics waiver, sold his Coinbase shares after the end of 2025, or placed restrictions on trading the stock.
Federal ethics rules generally require government officials to avoid taking part personally and substantially in matters that could directly and predictably affect their financial interests. Whether those rules apply in a specific situation depends on the official’s duties and any recusal or waiver arrangements.
Former SEC ethics lawyer Shira Pavis Minton Kantor told CNBC that Hassett’s Coinbase investment created a significant conflict of interest or, at minimum, the appearance of one.
Her concern was based on the size of Hassett’s Coinbase holdings and the NEC’s role in policies that could affect the crypto industry. However, the available report does not establish that Hassett broke an ethics law or took part in a specific government decision that benefited Coinbase.
A financial disclosure by itself shows that an official has a financial interest. It does not prove misconduct. Any ethics violation would depend on what matters Hassett handled, whether he recused himself, and what guidance he received from government ethics officials.
Coinbase has also become an important player in U.S. crypto politics. During the 2024 election cycle, the exchange joined other crypto companies and investors in supporting Fairshake, a bipartisan political action committee focused on candidates seen as supportive of digital-asset legislation.
Coinbase CEO Brian Armstrong said the 2024 election was a major win for the crypto industry and pushed for clearer rules for digital-asset companies.
Armstrong has also met with Trump and other senior officials to discuss crypto policy. Coinbase contributed $1 million to Trump’s inaugural committee while continuing to lobby Congress on crypto market-structure and stablecoin legislation.
Federal policy also shifted in Coinbase’s favor during Trump’s second term. In February 2025, the SEC voted to dismiss its civil enforcement case against Coinbase.
The case had accused Coinbase of operating as an unregistered securities platform and offering an unregistered staking service. The SEC said the dismissal was part of its effort to develop a new regulatory approach and did not take a position on the legal arguments made by Coinbase.
The dismissal was approved with prejudice, meaning the SEC could not bring the same claims against Coinbase again.
Coinbase had rejected the SEC’s allegations and argued that the agency had not provided a workable registration path for crypto businesses. The case ended without a penalty, admission of wrongdoing, or required change to Coinbase’s business model.