Kevin Hassett, former director of the National Economic Council under President Donald Trump, disclosed vested shares in Coinbase Global Inc.

The shares are valued between US$1 million and US$5 million, according to a financial disclosure document.

The filing, released in draft form by the Office of Government Ethics, also shows his total reported assets are worth at least US$7.6 million.

It has not yet received final approval from the ethics office.

Hassett reported US$1.5 million in employment income from the year before his NEC appointment, including salaries from Stanford University and the Milken Foundation, as well as US$471,000 in speaking fees from firms like Goldman Sachs and CitiGroup.

He also earned US$50,001 from Coinbase for serving on its Academic and Regulatory Advisory Council, which includes other former Trump officials.

It remains unclear whether he will need to divest his Coinbase holdings to avoid potential conflicts of interest.

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🔗 Source: Bloomberg

🧠 Food for thought

1️⃣ The revolving door between crypto industry and government accelerates

Hassett’s disclosure highlights an intensifying pattern of movement between cryptocurrency companies and government regulatory positions.

Before joining the White House, Hassett served on Coinbase’s Academic and Regulatory Advisory Council while simultaneously holding positions at Stanford’s Hoover Institution and receiving substantial speaking fees from financial institutions 1.

His council colleagues included other Trump-connected figures like Jay Clayton, the former SEC chair, and former CIA counsel Courtney Elwood, demonstrating a network of individuals moving between crypto advisory roles and government positions 1.

This phenomenon isn’t unique to crypto. It follows established patterns in other regulated industries like banking, pharmaceuticals, and defense, where industry expertise and government influence frequently intersect.

The increasing frequency of these movements in crypto reflects the sector’s rapid institutionalization, as companies like Coinbase recruit former regulators and policy experts to navigate complex regulatory landscapes.

2️⃣ White House advisors face fewer conflict disclosure requirements than cabinet officials

Hassett’s situation exposes a significant structural difference in ethics requirements between Senate-confirmed officials and White House advisors.

The disclosure explicitly notes that unlike cabinet secretaries who must publish detailed ethics agreements explaining how they’ll avoid conflicts, White House team members like Hassett who don’t require Senate confirmation aren’t required to divest potentially conflicting assets 2.

This two-tier ethics system has historical precedents across administrations—similar questions emerged during both the Obama and first Trump administrations regarding White House advisors with business interests in sectors they influenced 3.

The Office of Government Ethics has flagged Hassett’s disclosure as still in “draft form,” indicating the potential for additional review or requirements before final approval 1.

Hassett’s role leading the National Economic Council while holding Coinbase stock becomes particularly notable as Trump’s executive order created a digital asset markets working group within that same council, placing him in a position to influence policies directly affecting his financial interests 1.

Recent Coinbase developments

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