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PWC has shifted its outlook on cryptocurrency. PWC US CEO Paul Griggs has confirmed that the company, which is also known as one of the Big Four accounting firms, has decided to “lean in” to cryptocurrency work following the Trump administration’s support for digital assets such as Bitcoin. This shift follows years of the company taking a cautious stance on cryptocurrency. In an interview with the Financial Times (FT), Griggs said that the reversal occurred as the US appointed pro-crypto regulators and Congress passed new laws, such as the “Genius Act”, to govern the industry.“The Genius Act and the regulatory rulemaking around stablecoin I expect will create more conviction around leaning into that product and that asset class. The tokenisation of things will certainly continue to evolve as well. PwC has to be in that ecosystem,” Griggs said to FT.These comments reflect how the Trump administration’s cryptocurrency policy moves have convinced established businesses that they can enter the digital asset market that many had previously avoided. The change comes as regulatory clarity around digital assets has improved in the US, with new frameworks addressing stablecoins and other crypto products that previously existed in legal uncertainty.
What PWC US CEO Paul Griggs said about the Genius Act
The Genius Act, signed into law by US President Donald Trump in July, was the first rule issued by the country for digital tokens tied to tangible assets like the US dollar. This law now allows banks to create and launch their own digital currencies.The Securities and Exchange Commission, led by Paul Atkins, whom Trump appointed, has also made creating rules for cryptocurrency a top priority. In comparison, this is a complete change from the Biden administration, which was hostile toward digital assets.“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,” Greggs explained.Until recently, the Big Four accounting firms had largely avoided auditing crypto businesses in the US. They also set strict conditions for working with crypto clients, partly because US regulators were wary of the sector. Regulators worldwide have long raised concerns about crypto, citing risks to consumers and financial stability, as well as its use in fraud and money laundering.After a shift in US policy, PwC began actively advising companies on how they could use crypto technology. According to Griggs, PwC has told clients that tools like stablecoins could help make payment systems more efficient.Other Big Four companies are moving in the same direction. Deloitte, which has audited Coinbase since 2020, released its first “digital assets roadmap” for crypto accounting in May. KPMG has said 2025 could be a turning point for wider digital asset adoption and is promoting services focused on crypto compliance and risk management.PwC has also added crypto-related audit clients, including Bitcoin miner Mara Holdings, which appointed PwC in March. The firm is also pitching tax advice linked to digital assets.Griggs became PwC’s US senior partner in 2024 after nearly 30 years at the firm, during which he led the audit of Goldman Sachs and worked on career development programmes.He said PwC had to bring in outside talent to strengthen its crypto expertise. This included hiring senior partners such as Cheryl Lesnik, who rejoined PwC after spending 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.