Charles Hoskinson has finally addressed the puzzling “Diet Coke” dinner at Mar-a-Lago, which has been a topic of speculation. He described a series of unusual events that started in the fall and led to his unexpected exclusion from an important March 1 fundraiser hosted by Donald Trump.

During a livestream from Colorado on May 8, the founder of Cardano detailed a timeline beginning from the September 2024 SALT conference in Jackson Hole. There, he had discussions with Trump advisors about forming a “crypto czar” and a larger commission comprising industry experts. Hoskinson expressed his willingness to take on a role if Trump won the presidency.

How Cardano’s Creator Missed the Crypto Czar Role

Trump did indeed win, but the crypto czar position was awarded to David Sacks instead, with responsibilities integrated into an artificial intelligence role. Although a commission led by former Congressman Bo Hines was proposed, clarity was lacking. “Mixed messages” were commonplace, Hoskinson noted.

With this backdrop, Hoskinson was invited to a VIP dinner at Mar-a-Lago on February 22, which was postponed to March 1 due to Trump’s meeting with Ukrainian President Volodymyr Zelenskyy. He dedicated weeks preparing detailed briefings, but just as he was flying to Florida, he received the shocking news that he had been uninvited. “I’ve been preparing for this for a while. I’m on the plane literally flying down,” he recounted.

Upon arriving in Florida, meetings with Senator Tim Scott and others took place, yet he never received a clear explanation for his removal. His livestream detailed what he now believes was behind this decision.

Hoskinson mentioned that a Politico article about lobbyist Brian Ballard helped unveil the situation. Ballard, or an associate, misled Trump into making a post about a “crypto reserve” that included XRP, ADA, and SOL. Although a draft listing included Cardano’s ADA, Hoskinson has maintained that his position has always been that the reserve should solely contain Bitcoin, a stance he has reiterated in various interviews. However, this association with ADA led to backlash from Sacks.

According to Hoskinson, Sacks was “furious” when the asset list was revealed and sought to rectify the situation quickly. He believes that someone connected to Ballard anticipated his potential opposition to the multi-asset reserve if he was present at the dinner. “They knew that if I was asked about the reserve, I would have said… only Bitcoin should be in it,” he stated.

Adding to the confusion, Hoskinson mentioned a February 5 social media comment about not wanting to pay five million dollars for dinner, which he suspects became an excuse for his removal.

The incident also affected communications in the West Wing. According to Hoskinson, staff informed journalist Laura Shin that he had “no involvement with any crypto policy” and had never been invited. He highlighted the irony by sharing his invitation card with her during the livestream. Furthermore, he noted that White House aides quickly sought a comment from his UK office, then published the story shortly after.

While he does not blame Trump or his family—having recently collaborated with Don Jr. and scheduled a panel with Eric—he pointed fingers at certain Democrats and inside-the-Beltway lobbying which he described as “serpentine.” “There’s a thousand people jockeying and doing crazy things,” he remarked.

Despite the hurdles, Hoskinson acknowledged positive legislative movement in areas like the Genius Act and bipartisan talks on stablecoin regulation. He argued that lawmakers are easier to engage with compared to executive branch operators, as they express their intentions more directly over meals.

As the livestream concluded, he emphasized that crypto policy should withstand political shifts. “We do not need policy that can be reversed the minute a Democrat gets elected,” he said, referencing enduring legislation as an example. The Cardano policy office, now led by former Wyoming regulator Karen Wheeler and attorney Joel Telpner, plans to continue engaging with Congress and relevant agencies irrespective of the political environment.

In his own words, the lesson from this saga is straightforward: “Welcome to politics. It’s distasteful. It’s serpentine. But the truth always comes out.”

As of the latest update, Cardano’s value stood at $0.7773.