The difference between synchronous code and async code implemented as libraries is that async code involves jumping in and out of functions a lot, while employing runtime library code in between. A piece of code that is conceptually straightforward, may, in the async case, involve multiple returns and restores. In the sync case it doesn't need to do that, since it just blocks the thread and does the processing in other threads and in kernel land.
Rust's async/await support makes it possible to write code that is structurally "straightforward" in a similar way than synchronous code would be. That allows the borrow checker to reason about it in a similar way it would reason about sync code.