With a Fedimint any group can create their own trusted custodians. Or everyone involved could be. It's anything you want.
With Liquid it's a bunch of companies that could be shut down by governments. And you have no control over them.
Discussion
You think blockstream can be shut down just like that
It’s custodial. It’s not trustless. Whoever is in control of your bitcoin, it is not you. I’ve never understood how Liquid is marketed basically as an alternative to Lightning. It’s a shitcoin derivative of bitcoin as far as I can tell.