Accounting and consulting giant PwC has reversed its historically cautious approach to cryptocurrency, actively expanding audit, consulting and digital asset services in response to a pro-crypto regulatory environment fostered by recent U.S. policy changes.
This shift is anchored in the passage of the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act) in July 2025 and regulatory leadership changes at the Securities and Exchange Commission (SEC).
U.S. Policy Change Drives Institutional Confidence
The GENIUS Act, signed by President Donald Trump on July 18, 2025, established the first comprehensive federal regulatory framework for stablecoins, clarifying issuer requirements and oversight mechanisms for digital tokens pegged to monetary value.
Stablecoins have long operated in a legal grey area. The new law defines who may issue these digital assets, how they must be backed, and which regulators oversee compliance, creating clearer expectations for capital markets participants.
In parallel, the SEC’s leadership under Paul S. Atkins, appointed in April 2025, marked a departure from the enforcement-heavy stance of the previous administration toward a more constructive posture on digital asset rules.
These regulatory developments have helped reduce legal uncertainty, encouraging traditional financial firms to enter or deepen their involvement in the digital asset sector.
From Caution to “Leaning In”
PwC’s U.S. senior partner Paul Griggs told the Financial Times that the firm had “decided to lean into cryptocurrency work” after years of restraint as the regulatory environment firmed up.
According to Griggs, the stablecoin law and anticipated SEC rulemaking gave PwC and its clients greater conviction to engage with digital assets. The firm now offers audit, tax advisory and consulting services tailored to crypto companies and blockchain projects.
Hiring and Expertise Buildout
To support this strategic pivot, PwC has been building internal capabilities by bringing in crypto-focused talent. Senior professionals such as Cheryl Lesnik have been recruited to bolster the firm’s expertise in digital assets after experience at niche crypto advisory practices.
Furthermore, PwC’s global digital assets team now includes hundreds of specialists across multiple jurisdictions, reflecting the firm’s broader commitment to serving digital asset clients worldwide.
New Audit Clients Signal Market Acceptance
PwC’s audit practice has also seen notable crypto client wins. In March 2025, publicly traded bitcoin miner MARA Holdings appointed PwC as its independent auditor for the 2025 fiscal year, indicating increased willingness among digital asset firms to engage major accounting firms for regulatory-grade audits.
MARA, one of the largest publicly traded bitcoin mining companies in the United States, has attracted investor attention with operational updates and substantial bitcoin holdings, further illustrating institutional participation in the digital asset economy. MARA
Tokenization and Payment Efficiency on the Agenda
Griggs emphasized that beyond compliance services, PwC is advising clients on tokenization strategies and the potential for stablecoins to improve payment efficiency, particularly as regulatory clarity reduces execution risk.
Tokenization refers to representing real-world assets, rights or value on a blockchain, a concept that has gained traction among financial institutions seeking faster settlement and greater transparency.
Big Four Response and Market Trends
PwC’s move aligns with similar shifts among other Big Four accounting firms. Deloitte has published guidance for digital asset accounting and continues auditing high-profile crypto clients, while KPMG has promoted compliance and risk management services addressing digital asset adoption.
Industry observers have noted that clearer regulation and established auditing services may accelerate institutional adoption of crypto, as traditional firms gain confidence in the underlying frameworks governing digital assets.
Disclaimer
This article is provided for information only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
