...at the cost of being custodial and reintroducing seigniorage.

It's funny you bring up censorship, yet advocate for ecash. Your ecash is useless if the mint refuses to exchange or verify spent tokens.

Anything that is actually a threat to the current financial system is going to bring regulatory burden and attacks on the white market. It doesn't matter if it's Bitcoin, Monero, or ecash. Monero is just the canary.