White House adviser reveals holding up to $5 million in Coinbase stock

White House Economic Advisor Kevin Hassett disclosed holding Coinbase shares worth US$1 million to US$5 million during the Trump administration's advancement of policies affecting the U.S. cryptocurrency industry.

Kevin Hassett declared holding Coinbase shares worth between US$1 million and US$5 million at the end of 2025. The disclosure did not confirm whether he still holds the shares. Hassett served as an adviser to Coinbase until January 2025, before joining the White House. A former Securities and Exchange Commission ethics lawyer said the investment posed a serious conflict of interest.

Hassett's disclosed portfolio still contains Coinbase shares

According to CNBC, citing Hassett's latest annual financial disclosure document, as of December 31, 2025, the value of Coinbase Global shares held by Hassett, director of the National Economic Council, is between US$1 million and US$5 million. Federal disclosure forms typically report assets in value ranges rather than providing exact amounts. As a result, the filing does not show the specific number of Coinbase shares or the precise value of its positions.

Since the document only covers assets held as of the end of 2025, it cannot prove whether Hassett retained, reduced or sold the investment during 2026.

Prior to joining the Trump administration, Hassett served on Coinbase's Academic and Regulatory Advisory Committee from 2021 to January 2025. According to CNBC, his relationship with the company ended as he entered the White House. An early disclosure as early as June 2025 pointed out that the value of Coinbase shares to which Hassett belongs is in the same $1 million to $5 million range. The filing also shows that he received more than $50,000 in consulting work from Coinbase.

Coinbase is traded on Nasdaq under the symbol "COIN", allowing U.S. investors to directly participate in investments on the country's largest listed cryptocurrency exchange. Changes in federal regulations covering token trading, stablecoins, bank access and securities regulation could affect the company's operations and its appeal to shareholders.

White House cryptocurrency policy gives a central role to the National Economic Council

Hassett's investment is of concern because the National Economic Council coordinates government-wide economic policies, including decisions that may affect digital asset companies.

Three days after President Donald Trump returned to the White House, he signed an executive order establishing the President's Digital Asset Markets Working Group. The working group was tasked with developing proposals covering cryptocurrency regulation, stablecoins and possible national digital asset reserves.

In January 2025, relevant reports pointed out that the executive order also directed federal agencies to review rules affecting digital assets and make recommendations for changes. The Treasury Department, the Securities and Exchange Commission and other federal agencies have seats on the working group.

The executive order is led by White House artificial intelligence and cryptocurrency adviser David Sachs. Although Hassett is not the chairman, CNBC reported that the National Economic Council plays an important role in setting the government's cryptocurrency agenda.

The scope of this working group's work extends to market regulation, access to banking services, stablecoin rules and tax treatment of digital assets. Because the company operates U.S. trading platforms, provides custody services and earns revenue from stablecoin-related activities, each area could have a potential financial impact on Coinbase.

In the second half of 2025, the working group issued a recommendation report to federal agencies and Congress. The report calls for clarifying the division of powers between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), developing federal legislation for digital asset markets, and updating banking guidelines for cryptocurrency companies.

Hassett said he has recused himself from cryptocurrency-related matters

Hassett told CNBC that he has avoided involvement in cryptocurrency-related matters after consulting with government ethics officials. The White House also defended his actions, saying he "always and continues to fully comply with all ethical requirements."

Existing disclosure documents do not show whether Hassett received a formal exemption, sold Coinbase positions after December 2025, or imposed restrictions on his ability to trade shares.

Federal ethical rules generally require executive branch employees to avoid personal and substantial involvement in matters that may have a direct and foreseeable impact on their personal financial interests. The specific application of the rules depends on the employee's responsibilities, the type of government matter involved, and the recusal or exemption approved by the ethics officer.

Former SEC ethics lawyer Sheila Pavis Massington Canto told CNBC that the size of Hassett's position represents a "significant conflict of interest," or at least creates the appearance.

Her assessment focuses on the overlap between Hassett's economic exposure to Coinbase and the National Economic Council's role in policy discussions affecting the cryptocurrency space. The report did not indicate that Hassett violated federal ethics laws or participated in specific decisions that benefited the company.

Any determination of a breach of ethical rules requires evidence of what Hassett handled, the recusal steps he took, and the advice provided by White House ethics officials. The mere disclosure of ownership establishes financial benefits, but does not prove misconduct.

Coinbase has established a major role in U.S. cryptocurrency politics

Coinbase has entered a second term in the Trump administration after extensive political lobbying during the 2024 election cycle.

The exchange joined Ripple, Andreessen Horowitz and other cryptocurrency companies in backing Fairshake, a bipartisan super political action committee, in backing candidates seen as favoring digital asset legislation. A November 2024 report on Fairshake's political funding showed that cryptocurrency companies and investors have invested millions of dollars in the PAC and its affiliates.

Coinbase CEO Brian Armstrong described the 2024 election as a victory for the industry, arguing that voters elected the most pro-cryptocurrency Congress in U.S. history. At the time, Armstrong called for legislation to set clearer rules for cryptocurrency companies and their customers.

Armstrong also met with Trump and other senior administration officials during discussions on digital asset policies. Coinbase donated $1 million to Trump's Inaugural Committee, and its policy team continues to lobby Congress on market structure and stablecoin legislation.

During Trump's second term, changes in federal policy directly affected the company. In February 2025, the SEC voted to drop the civil enforcement case against Coinbase, ending a lawsuit accusing the exchange of operating as an unregistered securities platform and providing unregistered pledge services.

The SEC said its withdrawal was intended to support the agency's work on new regulatory methods and did not comment on the merits of Coinbase's legal arguments. Commissioners approved biased withdrawals to prevent the agency from making the same claim again.

Coinbase denies the allegations and argues that the SEC has failed to provide a viable path for cryptocurrency companies to register. The withdrawal does not include fines, admissions of wrongdoing or changes to the company's business model.