There's been a recent push for "proof of reserves" audits among crypto companies, but that's been criticized quite a bit because it mainly provides a snapshot of a firm's finances at 1 specific point in time, and it also doesn't include intel on liabilities, which can make it look misleading.

And, it doesn't show anything about whether customer funds have been commingled with company funds, which I think is a key part of your phrasing, "something like this," with FTX.

Industry experts are still trying to figure out what can be done differently. The ones I've spoke to recently tell me they are doubling down on transparency (i.e. proof of reserves) but I don't really think that's reassuring in terms of public trust.

As far as institutions go, like Wall Street firms, one hopes that they will certainly be doing greater due diligence before getting involved with a crypto exchange. And that goes for media outlets too -- hopefully more homework happens before we see any more glowing profiles of young founders who take high profile meetings while wearing shorts and playing video games.-PR