It is to be noted that there can be multiple custodians in the network, but this comes at the cost of increased risk exposure to the network. A model where custodianship is shared by different institutions holding keys to a multi-sig wallet is also possible in the future. However, a security breach among any of the custodians could cause the loss of trust and possibly lead to mass withdrawals. A security breach with a distributor is much less severe as custodians will still back up all outstanding tokens, but a loss of KYC/AML user data would be a side-effect.