What’s to stop a consortium of tradfi entities from making their own Bitcoin side chain that can issue securities? What’s Liquid’s moat?

If you were an entity that issues, custodies, or trades securities…and “digital assets” on Liquid was a credible threat to your business model as a middleman for securities, wouldn’t you get in on the action by making your own federated side chain? Why let yourself be disintermediated by Liquid?