PwC Embraces Crypto Amid Evolving Regulatory Landscape
PricewaterhouseCoopers (PwC) is making a significant pivot towards the cryptocurrency sector after years of a more reserved approach, influenced by the Trump administration’s newfound interest in digital assets, according to Paul Griggs, who leads the firm in the U.S.
In a discussion with the Financial Times, Griggs shared that this strategic change began last year, coinciding with the appointment of a favorable regulator for cryptocurrencies and the introduction of new legislation around digital assets, especially stablecoins.
“I think the Genius Act and the regulatory frameworks for stablecoins will bolster confidence in these products and affirm their value within the asset class,” Griggs stated. He added that the process of tokenization is likely to keep advancing, and PwC intends to be an integral part of that evolution.
His remarks suggest that, at last, the former administration’s shifts in cryptocurrency policy have encouraged major companies to explore the digital asset landscape, which many have previously approached with caution.
Notably, the Genius Act, signed into law by President Trump in July, represents a milestone in U.S. regulation for tokens linked to tangible assets like the dollar. This lays the groundwork for banks to introduce their own digital currencies.
The Securities and Exchange Commission, led by Trump’s appointee Paul Atkins, has also shifted its focus, prioritizing cryptocurrency regulations and moving away from the skepticism that marked the commission’s stance during the Biden presidency.
“We see it as our responsibility to fully engage with both sides of the industry,” Griggs remarked. “Our work encompasses cryptocurrencies in both audit and consulting, and we are noticing increasing opportunities arising in this field.”
Historically, the Big Four accounting firms have been reluctant to audit cryptocurrency-related businesses in the U.S., imposing stringent requirements that made it hard for such clients to come on board, largely due to regulatory apprehensions.
Globally, financial regulators have long expressed concerns regarding consumer safety and the potential for cryptocurrencies to facilitate fraud and money laundering.
In light of changing U.S. policies, Griggs noted that PwC is actively advising companies on the utilization of cryptography, highlighting that stablecoins can enhance payment system efficiencies, among other benefits.
Other major firms are also expanding their digital asset expertise. For instance, Deloitte has been auditing the cryptocurrency exchange Coinbase since 2020 and launched its first “Digital Asset Roadmap” for accounting in May. KPMG has pointed to 2025 as a pivotal year for digital asset integration and has been promoting compliance and risk management services related to cryptocurrencies.
PwC has started taking on audit clients within the crypto domain, like Bitcoin mining firm Mara Holdings, which engaged PwC in March, and offers tax consultancy services concerning digital assets.
Griggs, who became the U.S. Senior Partner in 2024 after nearly three decades at PwC—during which he oversaw audits for Goldman Sachs and various career development initiatives—emphasized the need for the firm to bolster its cryptocurrency expertise through external talent. Recent partner-level recruits also included Cheryl Resnick, who returned after three years at a boutique accounting firm focusing on crypto clients.
“We won’t dive into a sector we’re not prepared to support,” Griggs stated. “Over the last year, we’ve enhanced both our internal capabilities and our external resources to seize more opportunities in the digital asset realm.”
