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White House Adviser Held Up to $5M Coinbase Stake During Crypto Policy Push

White House National Economic Council Director Kevin Hassett held between $1 million and $5 million in Coinbase (NASDAQ: $COIN) shares at the end of 2025 as the Trump administration was pushing crypto policy, CNBC reported, citing a newly released financial disclosure.

Hassett reportedly owned the vested Coinbase shares after previously serving as an adviser to the crypto exchange from 2021 until January 2025, when he joined the White House. His disclosure does not establish whether he still owns the shares because it covers his holdings through the end of 2025.

The investment is notable because the National Economic Council has played a role in the administration’s crypto agenda. Three days after President Donald Trump returned to office, he created a working group on digital asset markets within the NEC. The group was tasked with developing recommendations covering cryptocurrency regulation, banking, stablecoins and taxation.

Hassett said he recused himself from crypto-related matters after consulting government ethics officials. When asked about the Coinbase shares in June 2025, he said he had not sold them because he did not want to give the appearance that he was timing the transaction.

The White House said that recusal remains in place. Spokesperson Kush Desai told CNBC that Hassett “has and continues to be in full compliance with all ethical requirements.”

Still, some government ethics experts have expressed concern. Virginia Canter, chief counsel at the Democracy Defenders Fund and a former SEC ethics lawyer, told the outlet that Hassett’s holdings created “a major conflict of interest” or at least the appearance of one.

Coinbase has emerged as a major industry player in Washington, spending millions in the 2024 U.S. presidential election. The exchange’s CEO Brian Armstrong has also maintained direct contact with President Donald Trump and senior administration officials.