Lightning network = You hold 1 of the 2 private keys that holds the bitcoin in the lightning channel.  You can unilaterally close the channel at any point in time.

Liquid network = in order to withdraw bitcoin from the liquid network, you don't hold any of the private keys.  You are relying on a 11 of 15 multisig to approve your withdrawal, otherwise known as a federation. Up-side is blocks are confirmed every minute, transactions are confidential, and transactions fees are generally cheaper than the base layer. 

 Its different tradeoffs. Depending on your exposure. 

With liquid you're trusting the federation will let you exit when you wish to do so. 

With lightning you're trusting (Depending on your set up) just your channel partners and/or the LSP to not deny you service or pinning attacks. 

So each has varying degrees of trust,  all depends on your level of tolerance for said funds.