[nivertech]

yes, but the problem is that there is no credit event happens, it just the way they structured the contract, b/c otherwise their simulation shown the price stability will not work. There is no credit event, because they can always print new basiscoins, they just just arbitrary choose not to (probably overfitted for 5 years expiration).

Even if basis "bonds" were credit default swaps, and then listed on crypto "exchanges", they're still falling under the regulation of CFTC. Those exchanges need to be licensed as Swap Execution Facilities (SEFs). And if basis doing on the protocol level like MakerDAO - they need to get SEF license by themselves.