Exploring the Intriguing Tale of Charles Hoskinson and the Mar-a-Lago Episode
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The Mysterious Mar-a-Lago Dinner That Never Happened
Charles Hoskinson, the visionary behind Cardano, recently broke his silence regarding the perplexing events surrounding the so-called Mar-a-Lago “Diet Coke” dinner that was ultimately canceled. This peculiar series of events commenced in the fall of last year and culminated in Hoskinson’s unexpected exclusion from former President Donald Trump’s candlelight fundraiser on March 1. This incident, often referred to within insider circles as the “Diet Coke” meeting, left many scratching their heads.
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On May 8, streaming live from Colorado, Hoskinson unveiled a captivating timeline of events that stretched back to the September 2024 SALT conference in Jackson Hole. It was during this conference that he first connected with advisors who would later join Trump’s transition team. Their discussions revolved around the establishment of a “crypto czar” and a broader “crypto commission” comprised of industry leaders. Hoskinson expressed his willingness to serve if the Republican nominee clinched victory in the presidential race.
Why Charles Hoskinson Didn’t Ascend to the Role of Crypto Czar
Despite Trump’s triumph, the coveted appointment went to someone else. Hoskinson revealed, “David Sacks was announced,” noting that the position was ultimately merged with an artificial intelligence portfolio. While a commission chaired by former Congressman Bo Hines remained a possibility, clarity proved elusive. “Every time we talked to somebody, people would give us mixed messages,” Hoskinson explained.
Amidst this backdrop, Hoskinson received an invitation to an exclusive “VIP dinner” at Mar-a-Lago on February 22. However, plans changed, and the event was rescheduled to March 1 due to Trump’s meeting with Ukrainian President Volodymyr Zelenskyy. Hoskinson diligently prepared briefing materials, amassing “hundreds of documents” in anticipation. Yet, as he boarded his flight to Florida, he received an unexpected call: he had been disinvited. “Excuse me, disinvited? I’ve been preparing for this for a while. I’m on the plane literally flying down,” he recounted.
Despite the setback, Hoskinson proceeded to Florida, where scheduled meetings with Senator Tim Scott, Ohio Senate candidate Bernie Moreno, and former Speaker Kevin McCarthy unfolded as planned. However, the reason for his exclusion remained elusive. During his livestream, he offered a comprehensive narrative of the events he now believes transpired.
According to Hoskinson, the revelation was triggered by a Politico article titled “From Trump Whisperer to West Wing Pariah: How Lobbyist Brian Ballard Angered Trump.” The article exposed a scheme orchestrated by lobbyist Brian Ballard or someone within his circle, which involved manipulating Trump into making a Truth Social post about a “crypto reserve” featuring XRP, ADA, and SOL.
Unraveling the Controversy: The Crypto Reserve Saga
In early March, a draft list of reserve assets surfaced, listing Cardano’s ADA alongside XRP and others. Hoskinson, however, maintained that his public stance had always been that “if they’re going to do a reserve, it’s only going to be Bitcoin,” a position he had consistently articulated in interviews. Nonetheless, he found himself associated with ADA’s inclusion, resulting in pushback from incoming technology advisor David Sacks.
Referring to the Politico piece, Hoskinson noted that Sacks “was furious” when the list was made public and attempted to reverse the situation, although it couldn’t be rectified swiftly. Hoskinson believes that someone close to Ballard feared he would publicly oppose the multi-asset reserve during the dinner, potentially even before dessert. “They knew that if I was asked at that dinner about the reserve, I would have said… only Bitcoin should be in it,” he explained. “I wasn’t there to say that, and at least now I know why.”
Adding to the confusion was a light-hearted social media reference Hoskinson made on February 5, joking that he “didn’t want to pay five million dollars for dinner,” a nod to a 2020 XRP community fundraiser. This comment, he now suspects, was resurrected as an official-sounding pretext for his exclusion.
The Fallout and Ongoing Political Dynamics
The fallout extended into the West Wing, where, according to Hoskinson, staff briefed journalist Laura Shin, stating that he had “nothing at all to do in any way, shape, or form with any crypto policy” and had never been invited to Mar-a-Lago. “I just showed you the invitation now, didn’t I, Laura?” he remarked while screen-sharing the embossed card. White House aides, he added, requested a comment from his UK office and published the article within thirty minutes, an episode he characterized with a touch of sarcasm as “a great, highly credible organization.”
Hoskinson emphasized that his frustration isn’t directed at Trump or his family—”I just did panels with Don Jr., doing one with Eric”—but rather at certain Democrats portraying crypto as a partisan issue and the “serpentine” lobbying within Washington, D.C., that blindsided him. “This is the nature of Washington, D.C. There’s a thousand people jockeying and doing bat— crazy things,” he noted.
Despite the political turbulence, Hoskinson highlighted ongoing legislative momentum, including the Genius Act, market-structure discussions, and what he perceives as growing bipartisan consensus on stablecoin regulation. He argued that lawmakers are easier to engage with than executive-branch operators because “over a good steak,” they express their preferences clearly.
In the concluding moments of his livestream, Hoskinson reiterated his belief that crypto policy should transcend any single administration. “We do not need policy that can be reversed the minute a Democrat gets elected,” he asserted, drawing parallels with the enduring Securities Exchange Act of 1933. The Cardano policy office, led by former Wyoming regulator Karen Wheeler and attorney Joel Telpner, will continue engaging with Congress, the CFTC, and the SEC, regardless of Oval Office intrigues.
In his own words, the lesson from this experience is straightforward: “Welcome to politics. It’s distasteful. It’s serpentine. But the truth always comes out.”
As of the latest update, Cardano is trading at $0.7773, navigating a key resistance zone.
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