White House adviser disclosed $1‑$5 million in Coinbase stock

White House National Economic Council (NEC) director Kevin Hassett disclosed that his 2025 financial filing listed a holding valued between $1 million and $5 million in Coinbase Global (NASDAQ: COIN). The filing, which reports assets in value ranges, does not specify the exact number of shares or whether the position was retained after 2025.

Background on the holding

Hassett served on Coinbase’s Academic and Regulatory Advisory Council from 2021 until he joined the Trump administration in January 2025. An earlier June 2025 disclosure showed the same value range and indicated he had received more than $50,000 in compensation for advisory work.

Potential conflict of interest

A former SEC ethics lawyer described the size of the holding as a “significant conflict of interest” given the NEC’s role in coordinating federal crypto policy. The NEC has been involved in drafting proposals on token trading, stablecoins, banking access and securities oversight—areas that directly affect Coinbase’s business model.

Ethics and recusal statements

Hassett told CNBC he avoided cryptocurrency matters after consulting White House ethics officials, and the administration said he continues to comply with all ethical requirements. The disclosure does not reveal whether he obtained a waiver, sold the shares, or placed trading restrictions on the position.

Policy context

Following President Trump’s return to office, an executive order created the President’s Working Group on Digital Asset Markets, tasking federal agencies with reviewing and recommending changes to crypto regulation. While Hassett was not the group’s chair, the NEC played a key part in shaping the administration’s crypto agenda, including proposals on agency jurisdiction, legislation for digital‑asset markets, and banking guidance for crypto firms.

Coinbase’s regulatory environment

Coinbase, the largest publicly listed U.S. crypto exchange, has been directly impacted by federal policy. In February 2025 the SEC dismissed its civil enforcement case against the company, ending litigation over alleged securities violations. The dismissal was framed as part of the agency’s broader regulatory overhaul and did not constitute an admission of wrongdoing.

Conclusion

The disclosed holding underscores the intersection of personal financial interests and government policy-making in the rapidly evolving U.S. crypto landscape. While no violation has been alleged, the overlap between Hassett’s financial exposure and the NEC’s policy role continues to draw scrutiny.