The securities regulator claims the token is undercollateralized and its backing funds are in a risky overseas investment.
The suit alleges that Visa purposely made it difficult for competitors to participate in the payments market.
SEC Chair Gary Gensler faced criticism from lawmakers and agency members during a House Financial Services Committee hearing over his handling of crypto regulation in the United States.
Exodus’ donation to a political action committee is to “help support their mission of educating and mobilizing crypto voters around the country.”