PwC, a major accounting firm, has reversed its cautious approach to cryptocurrency, embracing digital assets amid pro-crypto policies from the Trump administration. The shift follows the passage of the Genius Act in July 2025, which provides clear rules for stablecoins and tokens. This move signals growing confidence among blue-chip firms in the sector's stability.
PwC's decision to 'lean in' to cryptocurrency work marks a significant pivot for the Big Four firm, which had long avoided deep involvement due to regulatory uncertainty and past scandals like the FTX collapse in November 2022. Paul Griggs, the US leader of PwC, explained the change in an interview with the Financial Times, attributing it to the Trump administration's supportive stance on digital assets.
'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 said. 'The tokenisation of things will certainly continue to evolve as well. PwC has to be in that ecosystem.' The Genius Act, signed into law by President Donald Trump in July 2025, establishes comprehensive regulations for stablecoins pegged to assets like the US dollar, including custody, reserve, and disclosure requirements. It allows banks to issue their own digital assets, ending years of ambiguity under the previous administration.
The appointment of Paul Atkins as SEC chair has further eased concerns, shifting the agency from enforcement actions to rule-making on token classification and custody standards. This contrasts with Europe's MiCA framework, effective since 2023, which provides similar clarity but with stricter requirements. PwC's peers have also advanced: Deloitte has audited Coinbase since 2020, KPMG declared a 'tipping point' for adoption in 2025, and EY focuses on tax advisory for crypto transactions.
Stablecoins, such as USDC and JPMorgan's JPM Coin launched in 2019, are driving corporate interest for efficient cross-border payments. However, risks persist, including volatility seen in the Terra/Luna collapse in May 2022, which erased $40 billion in value, and potential money laundering. Griggs emphasized PwC's commitment: 'We feel a responsibility to be hyper-engaged on both sides of the business... we see more and more opportunities coming our way.'
This embrace extends to applications like crypto payroll, particularly in gaming and streaming, where tokenization could streamline operations. The tokenization market is projected to reach over $10 trillion by 2030, creating demand for auditing and compliance services. For global firms, the US changes align with Europe's approach, fostering transatlantic convergence while intensifying competition among professional services providers.
