Yes, it seems likely that no amount of reframing things will squeak mints out is money services business territory. Still, I find it fascinating to think about why the developers of both protocols opted for describing it as custody. Also, I do feel like I've come to a much better understanding of ecash as stackers have helped me to work through it. 

Scoresby

bitcoin

Ecash mints are just like the Fed's Repo Window

I think you're really onto something with this framing, but I'm not sure it matters from a regulatory standpoint.

If starbucks points started being accepted as money generically, and they allowed them to be transferred, my understanding is that starbucks would be an msb/money transmitter.

