PwC Embraces the Crypto Era: How Regulatory Clarity Is Reshaping the Future of Digital Assets

“The 《Genius Act》 and the regulatory guidelines surrounding stablecoins, I believe, will enhance market confidence in this product and asset class,” said Paul Griggs, head of PwC US, in an interview. This statement marks a shift among one of the most conservative forces in traditional finance. Behind this change is a fundamental transformation in the US regulatory environment.

Strategic Shift

PwC, one of the Big Four accounting firms, is repositioning its role in the cryptocurrency space. According to the Financial Times, this professional services firm, which had maintained a cautious stance on digital assets for years, has decided to increase its investment in cryptocurrencies and related services. Paul Griggs, head of PwC US, revealed in an interview that this strategic shift occurred in 2025, against the backdrop of the US appointing pro-cryptocurrency regulators and Congress passing several new laws regulating digital assets.

“Asset tokenization will inevitably continue to evolve, and PwC must be part of this ecosystem,” Griggs emphasized. His statement highlights that a series of actions by the US government regarding cryptocurrency policies have finally convinced blue-chip companies that they can truly enter this long-avoided digital asset market.

Regulatory Driven

The main driver behind PwC’s strategic adjustment is the fundamental change in the US regulatory environment. Griggs explicitly pointed out that the 《Genius Act》 passed by Congress and the regulatory guidelines around stablecoins are key factors in boosting market confidence. Signed into law by President Trump in July 2025, the 《Genius Act》 marked the first comprehensive regulation of tokens pegged to assets like the US dollar in the US. The law not only allows banks to issue their own digital assets but also establishes clear custody, reserve, and disclosure requirements for stablecoin issuers.

This ended a years-long regulatory deadlock, moving crypto companies from the gray area to regulated operations. Previously, during the Biden administration, the US Securities and Exchange Commission (SEC) adopted a confrontational stance, filing lawsuits against major trading platforms and questioning the legal status of most digital tokens.

Global Deployment

PwC’s crypto strategy is not limited to the US market. Globally, the firm has launched multiple initiatives, especially demonstrating foresight in Asian markets. In June 2025, PwC jointly released the “Hong Kong Web3 Blueprint” with industry organization Web3 Harbour. This blueprint emphasizes decentralization, transparency, security, and user empowerment, and proposes to fully leverage the “Web3 superpower” through five key driving factors.

Peter Brewin, partner and head of digital assets at PwC Hong Kong, announced plans to establish five action groups by August 2025, focusing on core areas of blockchain development: stablecoins, fund management, virtual asset trading platforms, legal and compliance, and custody and OTC trading.

Competitive Landscape

PwC’s strategic shift occurs amid increasingly fierce competition among the Big Four accounting firms. These global professional service giants are vying to position themselves as the preferred advisors for enterprises facing digital asset challenges.

Deloitte released its first “Digital Asset Roadmap” in May 2025, providing guidance on how companies should handle token accounting, recognize crypto trading income, and disclose risks to investors. Since 2020, Deloitte has been auditing publicly traded crypto trading platforms like Coinbase, accumulating significant experience in this field. KPMG has taken a different approach, focusing on compliance and risk management rather than auditing. In 2025, KPMG announced that digital assets had reached a “critical point,” actively offering compliance advice and risk management services to traditional companies entering this space. Ernst & Young emphasizes tax and transaction consulting, has developed tools to calculate crypto tax liabilities, and provides advisory services for crypto M&A transactions.

Asset Tokenization

In PwC’s view, asset tokenization represents the future development direction of blockchain technology. This process involves representing real-world assets such as bonds, real estate, or commodities as blockchain tokens, gaining attention as financial institutions explore new transaction and settlement infrastructures. If successfully implemented, tokenization could reduce settlement times from days to minutes and lower issuance and trading costs for securities. This prospect presents significant opportunities for PwC’s audit and consulting services.

Griggs pointed out that the company has already been advising enterprises on how to utilize crypto technology, emphasizing the potential of stablecoins to improve payment system efficiency and other practical applications. Adopting stablecoins requires accounting policies for token holdings, cross-border transaction tax strategies, and internal controls for digital asset custody—all areas where the Big Four can provide expertise.

Market Impact

As PwC and other traditional financial institutions increase their investments in the crypto space, the entire market ecosystem is undergoing structural changes. The participation of professional service firms brings unprecedented legitimacy and credibility to the digital asset market. Market data shows that as of January 5, 2026, the overall digital asset market remains cautiously optimistic. Despite ongoing price volatility, regulatory clarity and increased institutional participation have injected new stability into the market.

For traders interested in this field, Gate offers comprehensive market data and trading tools to help users stay updated on market dynamics. As a leading digital asset trading platform, Gate is committed to providing a secure and transparent trading environment. The involvement of traditional financial institutions like PwC is expected to drive more institutional capital into digital assets, potentially increasing market liquidity, improving price discovery mechanisms, and fostering higher levels of product innovation.

Risk Considerations

Despite an optimistic outlook, PwC is also acutely aware of the significant risks still present in the crypto space. These risks are issues that the company and US regulators need to jointly manage. Consumer protection remains a primary concern. Crypto assets are highly volatile, retail investors often lack understanding, and the sector is frequently used for scams and fraud. The collapse of Terra/Luna in May 2022 wiped out $40 billion in value, and the failures of Celsius Network and Voyager Digital left hundreds of thousands of customers unable to access their funds.

Financial stability is another concern. If stablecoins become systemically important, a run on one issuer could trigger contagion across the entire 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 are long-term issues. The pseudonymous nature of cryptocurrencies makes them attractive for illegal activities ranging from ransomware payments to terrorism financing.

PwC believes that US regulators will strike a balance between preventing catastrophic failures and allowing innovation to flourish. If regulators fail to maintain this balance—whether through excessive leniency or overreach—the company could face reputational damage due to associations with failed or fraudulent enterprises.

When Paul Griggs, head of PwC US, announced that “we must be part of this ecosystem,” the digital asset teams in New York and Hong Kong had already begun engaging with global corporate clients to discuss tokenizing supply chain finance records. Meanwhile, PwC Hong Kong’s five action groups are drafting Asia’s first cross-border stablecoin settlement framework, which is expected to connect financial markets in Singapore, Tokyo, and Sydney. Audits of Bitcoin holdings are beginning to appear on accounting firms’ balance sheets, and in the “Risk Factors” section of corporate annual reports, “cryptocurrency volatility” is replacing “regulatory uncertainty.” The blue logos of the Big Four are quietly shifting from the back cover of financial audits to the front page of blockchain whitepapers.