Former Trump official holds up to $5m in Coinbase shares

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.

🔗 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.