In a significant pivot towards the cryptocurrency sector, PwC has announced its intention to deepen engagement with digital assets, marking a notable shift from its previously cautious stance. This strategy follows the Trump administration’s proactive approach toward cryptocurrency regulation, which has encouraged major firms to explore the opportunities in this burgeoning market. Paul Griggs, the US leader of the Big Four accounting firm, shared these insights in a recent interview with the Financial Times.
The recent legislative landscape, characterized by the enactment of the Genius Act—a landmark law governing stablecoins—marks a critical turning point for the cryptocurrency industry. For the first time, this regulation offers clarity on the use of digital tokens that are pegged to traditional assets like the US dollar, paving the way for the banking sector to develop their own digital assets. Griggs emphasized that such regulations would “create more conviction” around stablecoins, highlighting ongoing advancements in the tokenization of various assets.
Griggs noted the changes in the regulatory environment have finally incentivized established firms to reconsider their positions on digital assets. Historically, many had been hesitant to engage deeply with the crypto sector due to stringent oversight and regulatory scrutiny. However, the shift in approach, particularly during the Trump administration, has reassured companies that diving into this market is viable.
In this new climate, Griggs underscored PwC’s commitment to remaining actively engaged across its various business sectors, whether in auditing or consulting. “We feel a responsibility to be hyper-engaged on both sides of the business,” he stated, citing an increase in opportunities as demand for crypto-related services grows. The firm has begun pitching companies on the potential of cryptocurrency technology, including the benefits of stablecoins for enhancing payment systems.
However, it’s important to recognize that financial regulators worldwide have long been apprehensive about the implications of crypto assets, particularly concerning consumer protection and financial stability. With this evolving policy framework, PwC has been expanding its offerings in the cryptocurrency realm, having taken on audit clients such as bitcoin miner Mara Holdings and exploring tax advice related to digital assets.
Other firms within the Big Four are also adapting to the changing landscape. Deloitte has established its presence by auditing Coinbase since 2020 and recently published a roadmap for digital asset accounting. Additionally, KPMG has forecasted a “tipping point” for digital asset adoption by 2025, focusing on compliance and risk management services.
As PwC seeks to bolster its expertise in digital assets, Griggs noted significant hiring at the partner level, including the return of Cheryl Lesnik, who focused on cryptocurrency clients at another firm. “We are never going to lean into a business that we haven’t equipped ourselves to deliver,” he said, affirming the firm’s commitment to comprehensive engagement in this fast-evolving sector.
The evolution of PwC’s strategy underscores a broader acceptance of cryptocurrency within established financial institutions, paving the way for a more significant presence of digital assets in the mainstream economic landscape.
