In a significant strategic pivot, global accounting powerhouse PwC has decided to actively embrace cryptocurrency and digital asset work, moving away from its historically cautious approach. This shift is a direct response to evolving regulatory support in the United States, particularly under the Trump administration.
From Caution to Conviction: The Policy-Driven Pivot
PwC US CEO Paul Griggs confirmed the firm's new 'lean in' strategy in an interview with the Financial Times. He attributed this reversal to clearer regulatory pathways established in the US, including the appointment of pro-crypto regulators and the passage of new laws. For years, PwC and its Big Four peers had largely avoided deep engagement with the crypto sector due to regulatory uncertainty and associated risks.
"The Genius Act and the regulatory rulemaking around stablecoin I expect will create more conviction around leaning into that product and that asset class," Griggs stated. He emphasized that the tokenisation of assets will continue to evolve and that "PwC has to be in that ecosystem." This change signals to the broader market that established financial institutions now see a viable future in digital assets.
The Impact of the Genius Act and Regulatory Clarity
The Genius Act, signed into law by President Donald Trump in July, has been a cornerstone of this new clarity. It represents the first US rule for digital tokens tied to tangible assets like the US dollar, explicitly allowing banks to create and launch their own digital currencies. Furthermore, the Securities and Exchange Commission, under Trump-appointed Paul Atkins, has prioritised creating rules for the cryptocurrency industry.
This environment starkly contrasts with the perceived hostility of the previous Biden administration towards digital assets. The newfound regulatory framework addressing stablecoins and other crypto products has reduced the legal ambiguity that once kept major firms at bay.
"We feel a responsibility to be hyper-engaged on both sides of the business. Whether we are doing work in the audit space or doing work in the consulting arena — we do all the above in crypto — we see more and more opportunities coming our way," Griggs explained.
Building Expertise and Following the Big Four Trend
To support this new direction, PwC has actively bolstered its internal capabilities. Griggs, who became PwC's US senior partner in 2024, noted that the firm had to bring in outside talent to strengthen its crypto expertise. This included hiring senior partners like Cheryl Lesnik, who rejoined PwC after three years working with crypto clients at a smaller accounting firm.
"We are never going to lean into a business that we haven't equipped ourselves to deliver. Over the last 10 to 12 months, as we've taken on more opportunities in that digital assets arena, we've bolstered our resource pool inside and outside," Griggs added.
PwC is not alone in this movement. Other Big Four firms are charting a similar course:
- Deloitte, which has audited Coinbase since 2020, released its first "digital assets roadmap" for crypto accounting in May.
- KPMG has identified 2025 as a potential turning point for wider digital asset adoption and is promoting services focused on crypto compliance and risk management.
PwC has already begun expanding its crypto clientele, adding audit clients like Bitcoin miner Mara Holdings in March. The firm is also actively pitching tax advice services linked to digital assets and advising companies on how to use crypto technology, such as stablecoins, to make payment systems more efficient.
This collective shift by the world's leading accounting and advisory firms underscores a watershed moment for the cryptocurrency industry. Regulatory clarity in the United States has provided the confidence needed for traditional financial giants to move from the sidelines to the forefront of the digital asset revolution.
