The U.S. Securities and Exchange Commission sued Ethereum incubator Consensys on Friday, alleging the company’s in-house built wallet MetaMask violated several laws on the books.

Specifically, MetaMask’s “swaps” feature, which enables users to exchange one token for another, made it an unregistered broker. Additionally, the MetaMask staking service, which offered an easy way to interact with liquid staking protocols including Lido and Rocket Pool, should be classified as an unregistered securities program, the securities watchdog alleged.

While the SEC’s claims that Consensys “underwrote” several million in illicit securities transactions by providing the software that enabled them seems damning, some experts believe the agency has a weak case.

Factory Labs CEO Nick Almond said the …