Hal seems to be arguing for a free market of counterparty risk.

The best case is not using a custodian, clearly. But if you must, let a thousand cashu mints bloom?

Although Hal is also clear that this is due to the scaling problem. LN (and other scaling ideas) did not exist yet, not sure if he would have changes his opinion with this information. Do you? 

 Yea it seems to be about payments scaling, but he also mentions some running fractional reserve and offering interest in that same screenshot. So it’s clearly not only payments he was talking about.