One, you can’t do it for reserves on fiat, which cannot be represented in a digital way. Two, you can’t do proof of non-liabilities, which is really the thing that matters most. FTX combined fiat and digital reserve components, and as we now know, its liabilities far outstripped its reserves. With pure digital exchanges with fiat represented digitally as a regulated stablecoin, we could have proof of reserves for everything in real time.