Kevin Hassett, director of the White House National Economic Council, disclosed holding between $1 million and $5 million in Coinbase stock at the end of 2025, prompting conflict-of-interest concerns because the NEC has a central role in the Trump administration’s cryptocurrency policy agenda.

The disclosure covers Hassett’s holdings as of the end of 2025. It does not establish whether he still owns Coinbase shares now. Hassett had served as an adviser to Coinbase from 2021 until January 2025 before joining the White House.

The issue carries added sensitivity because the National Economic Council is directly involved in the administration’s digital asset agenda. Three days after Donald Trump returned to the White House, a digital asset market working group was created within the NEC to develop recommendations covering cryptocurrency regulation, banking, stablecoins and taxation.

Hassett said he has avoided cryptocurrency-related matters after consulting with government ethics officials. The White House said he has “always and continues to fully comply with all ethical requirements.” The available disclosure, however, leaves unresolved whether the Coinbase holding remained in place after year-end and what specific internal restrictions govern his participation.

Critics have focused on both the holding itself and Coinbase’s broader political access. Former SEC ethics lawyer Kantor said the position amounts to a “significant conflict of interest” or at least the appearance of one. Coinbase also spent millions in the 2024 U.S. elections, and its chief executive maintains direct contact with Trump and senior officials.

Why It Matters

This episode goes beyond one official’s portfolio disclosure. It highlights how closely crypto policy formation is now tied to Washington power centers, where personnel, industry relationships and ethics safeguards can shape confidence in the policymaking process as much as the substance of regulation itself.

For the crypto industry, the case underscores that institutional adoption in the U.S. is increasingly connected to governance standards around conflicts, recusals and political influence. Those questions may carry more weight as the administration advances work on stablecoins, banking access and broader market rules.