Key Takeaways:

• Kevin Hassett is now a leading contender to replace Jerome Powell as chair of the US Federal Reserve.
• Hassett is considered “dovish” on interest rates after openly stating he would be “cutting rates right now,” and even prefers larger cuts than the market expects.
• Hassett served on Coinbase’s Global Advisory Council, a small group of political and policy heavyweights the company uses to help navigate regulators and lawmakers.
• A Fed chair with a large Coinbase stake could personally benefit if Fed policy boosts crypto prices, which raises conflict-of-interest and Fed-independence concerns.

Kevin Hassett is suddenly one of the most important names in global finance. President Donald Trump has signaled that Hassett is a leading contender to replace Jerome Powell as chair of the US Federal Reserve when Powell’s term ends in 2026.

At the same time, public filings show Hassett owns at least $1 million worth of stock in Coinbase, the biggest US crypto exchange.

For many people, this raises a simple question: who is Kevin Hassett, and why does his Coinbase stake matter?

Hassett’s background

Think of Hassett as Trump’s long-time “numbers coach.”

He is a conservative economist who has advised Republican politicians for decades. Hassett taught economics at Columbia Business School, worked as a staff economist at the Federal Reserve in the 1990s, and spent years at the American Enterprise Institute, a right-leaning think tank.

Under Trump’s first term, Hassett served as chair of the White House Council of Economic Advisers from 2017-2019. He returned in 2020 to help shape the economic response to COVID-19, then came back again in 2025 as director of the National Economic Council (NEC), making him Trump’s top in-house economic voice. 

If Powell is the current “driver” of US interest-rate policy, Hassett is the trusted co-pilot sitting next to Trump, explaining what every dial on the airplane dashboard means.

What does “dovish” mean, and why is Hassett seen that way?

In Fed talk, “hawks” worry most about inflation and are quick to raise interest rates. “Doves” care more about jobs and growth, and are more willing to cut rates.

A simple way to think about it:

• Doves are the gas pedal, or willing to lower interest rates (cheaper loans, more growth, but higher inflation risk.)
• Hawks are the brake pedal, who are more likely to raise interest rates (more pressure on borrowing, slower growth, but less inflation.)

Hassett is generally seen as someone who likes to press the gas.

Recently, as NEC director, Hassett has said that if he were in Powell’s shoes, he would be “cutting rates right now,” even with inflation still above the Fed’s 2% target. In a Bloomberg interview, he pushed for a 0.25% rate cut at the very next Fed meeting and said he wants rates “much lower” over time.

Bond investors and Wall Street money managers have quietly warned the US Treasury that Hassett might push for aggressive rate cuts even if inflation stays high. That’s why so many call him a “dove” when it comes to inflation.

The Coinbase connection: a seven-figure crypto stake

On top of his Fed views, Hassett has deep ties to crypto.

In 2023, Coinbase created a Global Advisory Council that included Hassett alongside other big political names. Coinbase brought him on to help navigate Washington and global regulators.

When Hassett filed his 2025 White House financial disclosure, he reported owning at least $1 million of Coinbase (COIN) stock, and outside reports say the range is between $1 million and $5 million. He also reported earning a salary of more than $50,000 from Coinbase for his advisory work.

To put this in simpler terms, imagine:

• You are being considered as a referee of the biggest basketball league in the world.
• At the same time, you own a huge chunk of stock in one of the teams.

Even if you promise to be fair, people will wonder whether you can really stay neutral. That’s the concern that many ethics experts now raise about Hassett and Coinbase.

Why his Coinbase stake matters for the Fed

Keep in mind that the Federal Reserve doesn’t regulate Coinbase directly, the way the Securities and Exchange Commission (SEC) or the Commodity Futures Trading Commission (CFTC) might.

But what the Fed does control are interest rates, bank access to dollars, and the financial system’s overall risk level. All of these factors have an affect on crypto prices and crypto businesses.

COIN, Coinbase’s stock ticker, tends to move alongside big coins like Bitcoin (BTC) and Ethereum (ETH), and broader financial conditions such as interest rates and investors’ appetite for risk. 

If the next Fed chair owns a large amount of Coinbase stock, and the Fed then cuts rates in a way that boosts crypto prices, critics could say: “He made decisions that helped his own portfolio.”

That’s why many investors and analysts argue that, if Hassett is nominated, he should:

• Sell or place his Coinbase shares into a blind trust, or…
• Fully excuse himself from decisions that might directly affect crypto and Coinbase.

Note that Hassett’s crypto-friendly stance and holdings raise new questions regarding Fed independence, which is the idea that the central bank should stand apart from both politics and personal financial interests.

Why some people like Hassett as Fed chair

That said, not everyone is worried. In fact, some in the crypto world are excited.

Hassett is largely seen as “crypto-friendly,” as his time on Coinbase’s advisory council and his seven-figure stake in the exchange are proof that he understands digital assets. Some investors believe a Hassett-led Fed could be more open to digital-asset innovation, or at least less hostile to banks working with crypto companies.

Some economists think a dovish Fed chair might help keep borrowing costs lower for homeowners and small businesses, and avoid a sharp recession if the economy slows. This could mean more money for everyday people to put into alternative investments like crypto.

Why others might not like Hassett as Fed chair

On the other side, critics see two main issues:

• Too soft on inflation: Investors worry that Hassett might push for “indiscriminate” rate cuts, even if inflation stays above its target. They worry about a weakened dollar, which would push prices up again, not to mention damaging the Fed’s reputation for keeping inflation under control.

• Conflicts of interest from Coinbase: Ethically, Hassett’s large Coinbase stake and previous advisory role might create a conflict of interest. No matter what he says or how he acts, the public will largely remain suspicious of his actions. It’s like having a judge rule on a case involving a company where he was previously on the board. 

• • That said, keep in mind that Treasury Secretary Scott Bessent had to divest his Bitcoin ETF holdings, alongside similar investments, within 90 days of his confirmation.

This tug-of-war between growth and inflation, alongside independence and influence, is at the center of the debate over Hassett.

What to watch next

Trump has said he plans to name his Fed chair pick in early 2026, and reports all describe Hassett as a leading contender, or even the top pick. 

Keep in mind that any nomination would still need US Senate approval, which means weeks of hearings where lawmakers can ask detailed questions about his Coinbase stake, his interest-rate views, and how he would protect the Fed’s independence.

Pay attention to these hearings, how Hassett responds to being questioned, and whether he takes any action regarding his COIN holdings.

Kevin Hassett FAQs

Why do people call Hassett “dovish” on interest rates?

People call him dovish because he keeps arguing for lower interest rates, saying he would be cutting rates “right now” and even more than some banks expect.

Why does his Coinbase stake worry investors and ethics experts?

Hassett’s financial disclosures show he owns $1 to $5 million in Coinbase stock, and he used to get paid by Coinbase. So if he becomes Fed chair, some people worry he could make decisions that accidentally help his own portfolio.

Does the Federal Reserve directly regulate Coinbase? 

No, it does not regulate Coinbase, but it controls interest rates, bank funding, and overall risk conditions. 

How likely is Hassett to actually become Fed chair?

Prediction markets and news outlets say Hassett is the frontrunner, with his odds jumping sharply after Trump hinted he had picked a successor. But the final answer depends on Senate approval.