Kevin Hassett's 2025 annual financial disclosure reports vested Coinbase stock valued between $1 million and $5 million at the end of the year. The filing notes he had not fully divested nearly 11 months into President Donald Trump's second term and references his prior work advising Coinbase. It was released recently but only covers 2025, so it does not indicate whether he still holds the shares.
Before he moved to the White House, Hassett served as an advisor to Coinbase from 2021 through January 2025. Asked by CNBC in June 2025 about the stake, he said he held off on selling to avoid appearing to time a sale. He added that he had guidance from "the ethics people" and was determining "what needs to be done." On CNBC's Squawk Box he added, "Meanwhile, I have recused from any matter that's related to crypto." The White House would not respond to CNBC's inquiries about whether he still owns the shares or whether the stake has limited his involvement in matters under his office.
On the third day of his 2025 tenure, Trump set up the President's Working Group on Digital Asset Markets inside the National Economic Council. His order included the NEC director's role or a designated stand-in as a member and required that the group's final recommendations reach Trump through Hassett's office. The working group was chaired by then White House crypto advisor David Sacks and recommended broad changes spanning digital-asset markets, banking, stablecoins and taxation.
The administration has additionally rolled back Biden-era crypto policies, set up a government bitcoin reserve, and urged Congress to move toward a broader federal regulatory framework. Crypto has become a significant personal revenue stream for the president as well, with Trump reporting more than $1.4 billion in 2025 from his family's cryptocurrency ventures, including through Trump-linked World Liberty Financial.
Coinbase has been central to the industry's push for new rules, even as its shares have fallen since Trump returned to office. Slightly over a month into the new administration, the SEC dismissed its enforcement action against Coinbase "with prejudice," barring the agency from bringing an identical claim in the future. According to the SEC, the decision was made to advance its wide-ranging revamp of cryptocurrency rules and was unrelated to any judgment about the case's strengths or weaknesses. The 2023 complaint accused Coinbase of operating an unregistered securities exchange and did not properly register its crypto staking program.
During the 2024 cycle, Coinbase backed the Fairshake super PAC along with allied organizations, and industry donors have kept spending as the current year's midterms approach. Coinbase has pledged another $25 million for the midterms. Coinbase CEO Brian Armstrong has met several times with Trump and high-ranking officials in the White House.
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Speaking to CNBC on Thursday, Armstrong said the Clarity Act was "ready to get a yes vote" with a pivotal Senate vote slated for Sept. 15. "We're going to get regulatory clarity one way or another," he said.
The White House says Hassett's recusal is ongoing. "Since day one, Kevin Hassett has and continues to be in full compliance with all ethical requirements, including his recusal from all cryptocurrency-related matters," spokesperson Kush Desai told CNBC. Hassett has stated that he avoided involvement in cryptocurrency matters while ethics staff handled his holdings. What remains uncertain is how that recusal worked in day to day practice, including which meetings or decisions he avoided and how much of the NEC portfolio it affected.
"Crypto was a major initiative of the Trump administration," Canter said. She expressed skepticism that Hassett entirely avoided crypto-related reviews or meetings under his recusal, saying she doubted he could have stayed completely out of those discussions.
Big picture, politics is setting the pace for crypto. The working group's recommendations, the SEC's case dismissal, the creation of a bitcoin reserve and the ongoing push for the Clarity Act all shape the backdrop for digital assets. Even if Congress stalls, Armstrong's line that "We're going to get regulatory clarity one way or another" points to continued rulemaking by agencies, and that can move the value of crypto-linked holdings.
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