In a significant strategic shift, the US division of the global professional services giant PwC is actively embracing cryptocurrency and digital asset work. This move comes in direct response to the changing regulatory landscape in the United States, driven by President Donald Trump's ambition to establish the country as the world's leading hub for digital finance.
The Regulatory Catalyst: Trump's 'Genius Act'
The pivotal change follows the passage of the 'Genius Act' into law last year, a legislative framework designed to govern digital assets, including stablecoins. President Trump has publicly pledged to transform the United States into the "crypto capital of the world," a policy shift that has already had a profound market impact. According to data from CoinGecko, the value of digital tokens like Bitcoin surged by an astonishing $1.2 trillion in the 12 months after Trump's election victory.
PwC's Strategic 'Lean In' to Digital Assets
Speaking to the Financial Times, Paul Griggs, the boss of PwC US, confirmed the firm's new direction. He stated that PwC will now "lean in" to cryptocurrency-related work across both its audit and consulting divisions. "We feel a responsibility to be hyper-engaged on both sides of the business," Griggs explained. "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."
This marks a notable departure from the firm's previous, more cautious stance, which was shaped by years of sceptical oversight from US regulators under prior administrations. Griggs highlighted the new regulatory clarity as a key driver: "The Genius Act and the regulatory rule making around stablecoin, I expect, will create more conviction around leaning into that product and that asset class."
Building Capacity for a Crypto Future
PwC is not diving in unprepared. As part of its growth strategy, the firm aims to enhance its core services by exploring how stablecoins can be used to improve payment efficiency for clients. Griggs emphasised that the business has been building its capabilities, noting that over the past 10 to 12 months, PwC has "taken on more opportunities in that digital assets arena" and has "bolstered our resource pool inside and outside." The firm intends to be fully equipped before fully expanding its footprint in the sector.
This strategic pivot by one of the world's pre-eminent 'Big Four' accounting and consulting networks signals a broader trend of mainstream financial and professional services institutions reassessing the digital asset market. With clearer rules now in place, major firms are moving to capitalise on the opportunities presented by blockchain technology and cryptocurrency, aligning their services with a potentially transformative economic shift.
