"‘The Genius Act’ and the accompanying stablecoin regulatory framework, in my view, will strengthen market confidence in this product and asset class," said Paul Griggs, PwC US leader, in an interview. This statement marks a shift for one of the most conservative forces in traditional finance. Behind this change lies a fundamental transformation in the US regulatory landscape.
Strategic Shift
PwC, one of the Big Four accounting firms, is repositioning its role in the cryptocurrency sector. According to the Financial Times, this professional services giant—which maintained a cautious stance on digital assets for years—has decided to ramp up its investments in crypto and related businesses. Paul Griggs, PwC US leader, revealed in an interview that this strategic pivot began in 2025, prompted by the appointment of crypto-friendly regulators in the US and the passage of several new laws governing digital assets.
"Asset tokenization will inevitably keep evolving, and PwC must be part of this ecosystem," Griggs emphasized. His remarks underscore how a series of US government moves on crypto policy have finally convinced blue-chip companies that they can genuinely enter a digital asset market long avoided by mainstream institutions.
Regulation as a Catalyst
The main driver behind PwC’s strategic adjustment is the fundamental shift in the US regulatory environment. Griggs made it clear in the interview that the Genius Act, passed by Congress, along with stablecoin regulatory guidelines, are key factors boosting market confidence. Signed into law by President Trump in July 2025, the Genius Act marks the first comprehensive US regulation of tokens pegged to assets like the US dollar. The law not only allows banks to issue their own digital assets, but also establishes clear requirements for stablecoin issuers regarding custody, reserves, and disclosures.
This ends years of regulatory gridlock and allows crypto companies to move from a gray area into compliant operations. Previously, under the Biden administration, the US Securities and Exchange Commission (SEC) had taken an adversarial stance, filing lawsuits against major trading platforms and questioning the legal status of most digital tokens.
Global Expansion
PwC’s crypto strategy extends far beyond the US market. Globally, the firm has launched a range of initiatives, especially demonstrating forward-looking vision in Asia. In June 2025, PwC partnered with industry group Web3 Harbour to release the "Hong Kong Web3 Blueprint." This blueprint highlights decentralization, transparency, security, and user empowerment, and proposes leveraging five key drivers to unlock the "superpowers" of Web3.
Peter Brewin, PwC Hong Kong partner and digital assets lead, announced plans to form five working groups in August 2025. These groups will focus on core areas of blockchain development: stablecoins, fund management, virtual asset trading platforms, legal and compliance, and custody and over-the-counter (OTC) trading.
Competitive Landscape
PwC’s strategic shift comes as competition among the Big Four intensifies. These global professional services giants are racing to position themselves as the go-to advisors for companies navigating digital asset challenges.
In May 2025, Deloitte released its first "Digital Asset Roadmap," offering guidance on token accounting, recognizing crypto transaction revenue, and disclosing risks to investors. Since 2020, Deloitte has audited publicly traded crypto exchange Coinbase, building significant expertise in the field. KPMG has taken a different approach, focusing on compliance and risk management rather than auditing. In 2025, KPMG declared digital asset adoption had reached a "tipping point," and began actively advising traditional firms entering the space on compliance and risk management. EY, meanwhile, emphasizes tax and transaction advisory, developing tools for crypto tax liability calculations and consulting on crypto M&A deals.
Asset Tokenization
PwC sees asset tokenization as the future of blockchain technology. This process, which involves representing real-world assets like bonds, real estate, or commodities as blockchain tokens, is gaining traction as financial institutions explore new trading and settlement infrastructures. If successfully implemented, tokenization could reduce settlement times from days to minutes and lower the costs of issuing and trading securities. This outlook presents significant opportunities for PwC’s audit and advisory services.
Griggs noted that the firm is already advising companies on leveraging crypto technologies, highlighting stablecoins’ potential to boost payment system efficiency. For enterprises adopting stablecoins, key considerations include accounting policies for token holdings, cross-border tax strategies, and internal controls for digital asset custody—all areas where the Big Four can offer specialized expertise.
Market Impact
As PwC and other traditional financial institutions ramp up their involvement in crypto, the entire market ecosystem is undergoing structural change. The participation of professional service firms brings unprecedented legitimacy and credibility to the digital asset market. As of January 5, 2026, market data shows a cautiously optimistic outlook for digital assets. While price volatility persists, clearer regulations and increased institutional participation are injecting new stability into the market.
For traders following this space, Gate provides comprehensive market data and trading tools to help users stay on top of market trends. As a leading digital asset trading platform, Gate is committed to offering users a secure and transparent trading environment. The entry of traditional financial institutions like PwC is expected to attract more institutional capital to digital assets. This could lead to increased market liquidity, improved price discovery, and greater product innovation.
Risk Considerations
Despite its optimism, PwC is well aware of the significant risks that remain in the crypto sector. These are precisely the issues the firm and US regulators must manage together. Consumer protection remains a top concern. Crypto assets are highly volatile, retail investors often lack understanding, and the sector is frequently exploited for scams and fraud. The May 2022 collapse of Terra/Luna wiped out $40 billion in value, while the failures of Celsius Network and Voyager Digital left hundreds of thousands of customers unable to access their funds.
Financial stability is another worry. If stablecoins become systemically important, a run on a single issuer could trigger contagion across the financial system. The Genius Act addresses this by requiring reserves to be held in safe assets and establishing redemption mechanisms. Anti-money laundering and sanctions evasion remain ongoing challenges. The pseudonymous nature of cryptocurrencies makes them attractive for illicit activities, from ransomware payments to terrorist financing.
PwC believes US regulators will strike a balance between preventing catastrophic failures and fostering innovation. If regulators miss this balance—by being too lax or too heavy-handed—the firm could face reputational damage from association with failed or fraudulent businesses.
When Paul Griggs, PwC US leader, declared "we must be part of this ecosystem," digital asset teams in the firm’s New York and Hong Kong offices had already begun engaging global corporate clients on tokenizing supply chain finance records. Meanwhile, PwC Hong Kong’s five working groups are drafting Asia’s first cross-border stablecoin settlement framework, expected to connect financial markets in Singapore, Tokyo, and Sydney. Audit projects involving bitcoin holdings are starting to appear on accounting firm balance sheets, and in annual reports, "digital asset volatility" is replacing "regulatory uncertainty" in the risk factors section. The Big Four’s blue logos are quietly moving from the back covers of financial audit reports to the title pages of blockchain white papers.
