Kevin Hassett, Director of the National Economic Council (NEC), retained between $1 million and $5 million in vested Coinbase shares at the end of 2025, according to his newly released financial disclosure. This holding persisted nearly 11 months into President Donald Trump's second term, during a period when the administration was rapidly reshaping federal cryptocurrency policy [1]. Hassett had previously served as an advisor to Coinbase from 2021 until January 2025 before joining the White House [1].
The disclosure has raised concerns about a potential conflict of interest, as noted by former White House ethics lawyer Virginia Canter, who described the situation as a 'major conflict of interest' and questioned whether Hassett's recusal was sufficient to prevent him from influencing significant parts of the administration's economic agenda [1]. The White House stated that Hassett is in 'full compliance' with its 'ethical requirements,' including recusal from crypto-related matters [1]. Hassett himself stated that he had recused from any matter related to crypto while ethics officials determined how to handle his investment, and he had not sold the shares to avoid the appearance of timing the sale [1].
Trump established the President's Working Group on Digital Asset Markets within the NEC three days after taking office in 2025. The executive order included Hassett's White House position or a designee as a member and required the group's final recommendations to reach Trump through Hassett's office. The group, chaired by then-White House crypto advisor David Sacks, proposed sweeping regulatory changes to digital-asset markets, banking, stablecoin, and taxation. The administration also reversed Biden-era crypto policies, created a government bitcoin reserve, and pushed Congress toward a broader federal regulatory framework [1].
The White House declined to answer whether Hassett still holds the Coinbase shares or whether his holding has prevented him from working on matters within his office's purview, as the disclosure only covers 2025 [1].
CONCLUSION
Kevin Hassett's continued holding of up to $5 million in Coinbase shares during a period of major crypto policy changes under the Trump administration has raised significant conflict of interest concerns. While Hassett and the White House maintain that he recused himself from crypto matters and complied with ethics requirements, questions remain about the adequacy of these measures and the potential impact on policy decisions.