It's time for a new kind of bank - a transparent bank.
Exchanges could publish a daily report of their bank account balances for each currency along with a daily message signed by each cold-storage key.
And the transparent bank would publish a daily record of balances for each account, which ties out to the bank's balance sheet.
We wouldn't need to rely on historical audits, because we could do our own automated audit every day.
Transparent exchanges with transparent bank accounts would attract funds away from secretive exchanges with secret bank accounts.
