I think you are conflating custodianship with privacy. Any custodian can apply pressure by withholding people's money. This fact doesn't mean anything about the privacy of a protocol.

Privacy is the question of whether someone can deanonymize your activities through some kind of information leakage. Ecash has really really good privacy properties and it is a custodial system.

Judging from this and other conversations I get the impression that you believe custody trumps privacy in some kind of absolute sense. I see a future with blended custody models: transact with ecash, save with bitcoin. Together, these tools are greater than the sum of their parts.