PwC, the Big Four accounting firm, reversed years of cautious positioning on cryptocurrency work following the Trump administration's embrace of digital assets. The strategic shift came as US regulators appointed by President Donald Trump moved to establish clear rules for Bitcoin and other digital assets.
What Happened: Big Four Pivot
Paul Griggs, the firm's US senior partner, told the Financial Times the firm decided to "lean in" to cryptocurrency work after Congress passed the Genius Act in Jul. and regulators began implementing stablecoin rules. "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 Genius Act marked the first time US law regulated tokens pegged to assets such as the US dollar. It paves the way for banks to launch their own digital assets.
The Securities and Exchange Commission under Trump appointee Paul Atkins prioritized setting rules for crypto, reversing the agency's antipathy to digital assets under the Biden administration.
The Big Four firms had until recently avoided auditing many crypto ventures in the US and set high hurdles for crypto clients, partly because of regulators' skeptical stance. Deloitte has audited publicly traded crypto exchange Coinbase since 2020 and published its inaugural digital assets roadmap to crypto accounting in May, while KPMG declared a "tipping point" for digital assets adoption in 2025.
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Why It Matters: Market Access
The shift signals blue-chip businesses now believe they can enter the digital asset market many have long avoided. PwC has taken on audit clients including bitcoin miner Mara Holdings, which appointed the firm in Mar., and is pitching tax advice related to digital assets.
Griggs said PwC has pitched companies on using crypto technology, telling clients that stablecoins can improve payment systems efficiency.
The firm looked outside to bolster its crypto expertise, hiring partners including Cheryl Lesnik, who returned after three years focused on crypto clients at a smaller accounting firm.
"We are never going to lean into a business that we haven't equipped ourselves to deliver," Griggs said. "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."
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