PwC Deepens Crypto Push as U.S. Rules Shift and Stablecoins Go Mainstream

PwC, one of the Big Four accounting firms, is increasing its engagement with cryptocurrency after years of cautious involvement. The firm cited the passage of the GENIUS Act and the pro-crypto shift among U.S. regulators as key drivers of this strategic change. PwC's U.S. leader, Paul Griggs, emphasized that these developments have created more conviction to work with crypto-related clients and assets. The company has rehired Cheryl Lesnik, a former digital asset expert, to bolster its internal team.

The regulatory environment has changed significantly since the re-election of Donald Trump and the appointment of pro-crypto officials to key agencies. Previously, the sector faced skepticism and enforcement actions that limited the scope of crypto offerings by professional services firms. Now, PwC is positioning itself as a leader in both auditing and consulting for crypto clients. The firm has advised clients on how to use stablecoins to improve payment system efficiency.

PwC is not alone in its shift toward crypto. KPMG and Deloitte have also expanded their offerings in the space. KPMG highlighted that crypto adoption has reached a tipping point, while Deloitte published its first digital assets roadmap. This broader acceptance signals growing mainstream recognition of digital assets across financial services.

Why Did This Happen?

The passage of the GENIUS Act and the broader regulatory clarity have played a central role in PwC's decision. Griggs stated that the Act and related rulemaking around stablecoins have increased confidence in the sector. He added that the tokenization of assets is expected to continue evolving, and PwC must be part of that ecosystem.

Before these developments, PwC kept a distance from the crypto industry due to regulatory uncertainty. The Trump administration's pro-crypto stance and legislative actions have created a more predictable environment for institutional and corporate clients. This regulatory shift is also influencing how other Big Four firms approach digital assets.

How Did Markets Respond?

The market's response has been largely positive. PwC's increased engagement with crypto has been seen as a sign of mainstream adoption. The firm's work with stablecoins and tokenization has drawn attention from both institutional and corporate clients.

Other developments in the stablecoin space have also contributed to this momentum. The GENIUS Act has already led to an increase in stablecoin market capitalization, now valued at over $300 billion. Regulators in Europe and Asia have followed suit with their own frameworks, creating a more cohesive global landscape.

The broader institutional interest in stablecoins has also grown. Major financial institutions, including European banks and U.S. firms like JPMorgan, are preparing to launch their own stablecoins as regulations are finalized. This institutional shift supports the growing role of stablecoins in global finance.

What Are Analysts Watching Next?

Analysts are closely following the progress of U.S. market structure legislation. A comprehensive framework could enable traditional institutions to enter the crypto space more formally. Coinbase and other industry leaders have expressed optimism about this legislative direction.

Another key area of focus is the CLARITY Act, which is expected to be passed in 2026. This bill will provide further clarity on taxation, asset classification, and issuance guidelines for digital assets. Analysts believe it could further accelerate adoption by reducing uncertainty for investors and businesses.

Finally, the ongoing expansion of tokenization markets is a major focus. Tokenization is expected to transform real-world asset management, from real estate to intellectual property. PwC and other professional services firms are preparing to meet the demand for specialized auditing and compliance services.

The evolving regulatory and market environment is reshaping how professional services firms approach digital assets. As more companies embrace crypto and tokenization, the role of auditors, consultants, and compliance experts will continue to expand. PwC's strategic shift reflects the broader trend toward institutional adoption and regulatory acceptance of digital assets.