They can but can’t spark steal as well? Isn’t their tech based upon mercury layer that used state chains?  I used to swap coins on Mercury Layer before they shut it down.

Spark is also better than Liquid. Liquid can never have a unilateral exit.

Edit: Ok, it depends on whether the federation in Liquid can also steal your money if they collaborate. I need to look that up.

Like Strike or Wallet of Satoshi? It matters in the long run.  I agree with your federation point. I use liquid all the time. Every day!