Policy Shift and Giants Turning: Why is PwC Fully Betting on the Crypto Market in 2026?

One of the Big Four accounting firms, PwC, announced a major strategic shift in early 2026: transitioning from a cautious attitude towards cryptocurrencies cultivated over many years to a full “tilt” into the space. Behind this decision lies a dramatic change in the US regulatory environment. With the signing of the GENIUS Act and the shift in personnel and attitude at the U.S. Securities and Exchange Commission (SEC), the compliance path for digital assets has become clearer than ever.

Paul Griggs, head of PwC US, stated plainly that clear rules give companies more confidence to enter this asset class. This move is not only a business decision for PwC but also a strong industry signal, marking that mainstream traditional financial institutions’ acceptance of the crypto industry has moved from tentative exploration to substantive participation.

Regulatory “Tailwind”: How policies become a “Comfort Pill” for the crypto market

PwC’s strategic shift is not an isolated business decision but a precise response to the rapidly changing US regulatory and political landscape. Over the past few years, the crypto industry has been exploring in the regulatory gray area, facing strict enforcement pressures from agencies like the SEC. This has kept firms like the Big Four highly cautious about deep involvement in the space. However, this situation underwent a fundamental reversal in 2025.

The turning point was driven by two key factors: legislation and personnel. In July 2025, the GENIUS Act, signed into law by President Trump, officially took effect, establishing the first comprehensive federal regulatory framework for digital assets such as stablecoins. The law not only paved the way for banks to issue their own digital assets but also clarified custody, reserve, and disclosure requirements, ending a long-standing regulatory deadlock. Simultaneously, Trump appointed Paul Atkins, known for his pro-business and pro-innovation stance, to lead the SEC. After taking office, Atkins quickly shifted focus from “enforcement” to “rulemaking,” actively consulting with industry on token classification, custody standards, and other issues, signaling a clear move from “hostile” to “facilitative.”

For professional service firms like PwC, this regulatory certainty is a prerequisite for all business activities. Griggs emphasized in an interview, “The GENIUS Act and the regulatory rules around stablecoins are expected to give us more confidence to more firmly invest in this product and asset class.” The clarity in regulation greatly reduces the reputation and legal risks associated with PwC’s involvement in crypto auditing and consulting. Auditing a crypto exchange or providing tax advice to token issuers no longer means risking being caught in regulatory violations. This policy “tailwind” has become a decisive factor on PwC’s decision-making scales.

Industry giants turn: How PwC is building its crypto business landscape

After confirming that regulatory risks are manageable, PwC began systematically developing its crypto capabilities, characterized by a “comprehensive internal and external approach.” The core of this transformation is shifting from a “cautious observer” to an “active participant.”

Internally, PwC recognizes the need to attract external talent to quickly fill gaps. Griggs stated that over the past 10 to 12 months, as the firm has taken on more opportunities in digital assets, it has “strengthened our resource pool both internally and externally.” A typical example is partner Cheryl Lesnik, who returned to PwC after leaving three years earlier. During her time at a smaller accounting firm, she focused on crypto clients and accumulated valuable practical experience.

In terms of business scope, PwC’s crypto strategy covers its core pillars: audit, consulting, and tax. In auditing, the firm has already secured well-known clients such as Bitcoin miner Mara Holdings. In consulting, the team is actively promoting how to leverage crypto technologies, such as demonstrating how stablecoins can improve payment system efficiency. In tax services, complex tax issues related to digital assets have become new growth points. Griggs expressed strong confidence: “Whether in audit or consulting — we are working in both areas in crypto — we see more and more opportunities coming our way.”

PwC Crypto Strategy Key Information

• Core driver: US regulatory policy shift, especially the signing of the GENIUS Act and SEC leadership favoring pro-business approaches.
• Strategic statement: From “cautious observation” to “full tilt.”
• Business coverage: Comprehensive including audit (e.g., Mara Holdings), consulting (payment efficiency solutions), and tax.
• Talent strategy: Emphasizing both internal cultivation and external recruitment, attracting partners with crypto experience back to the firm.
• Market outlook: Believes tokenization and stablecoins are core business opportunities.

The Big Four compete: The “new battleground” in crypto professional services market

PwC’s strategic advance is not happening in a vacuum but is part of an increasingly fierce competition among the Big Four accounting firms in the crypto space. Each firm, leveraging its own strengths, has chosen different entry paths, forming a differentiated competitive landscape.

Deloitte, with its early advantage, has established a leading position in crypto auditing. Since 2020, Deloitte has served as auditor for Coinbase, a publicly listed crypto exchange in the US. This long-term partnership not only provides Deloitte with firsthand insights into native crypto business models but also helps develop audit methodologies for digital asset custody and related services. In May 2025, Deloitte released its first “Digital Asset Roadmap,” offering guidance on how traditional companies should handle crypto accounting issues, directly addressing CFO concerns.

KPMG has taken a different route, focusing more on compliance consulting and risk management. In 2025, it announced that crypto assets had reached a “critical point” and actively promoted services such as AML compliance reviews, cybersecurity assessments, and internal controls for digital assets. This strategy aims to attract traditional corporate clients who are highly sensitive to regulatory risks and seek the most compliant ways to enter crypto.

EY emphasizes its strong tax and transaction advisory capabilities, developing tools for calculating complex crypto tax burdens and providing valuation and regulatory risk assessment services in M&A transactions.

PwC’s full-scale entry has pushed this “Big Four” crypto competition into a heated stage. Griggs stated, “PwC must be present in that ecosystem,” which not only reflects the firm’s determination but also echoes the industry consensus: as digital assets become mainstream, the market landscape for professional services is being reshaped, and no one wants to miss out on this feast.

From speculation to infrastructure: The profound impact of the crypto industry’s “coming of age”

The collective embrace by giants like PwC signifies more than just the addition of a new business segment. It marks a key “coming of age” for the crypto industry, shifting its narrative from a grassroots-driven “speculative revolution” to a focus on “infrastructure building” involving mainstream institutions.

In the past, the value of crypto was mainly driven by Bitcoin price fluctuations and the grand narrative of blockchain “disrupting everything.” Today, what attracts firms like PwC are more concrete and pragmatic business applications. Griggs highlighted two directions: “tokenization of assets” and the efficiency of stablecoins. For example, stablecoins, as an efficient and low-cost cross-border payment and settlement tool, have demonstrated clear commercial value. With the GENIUS Act providing regulatory assurance, companies can more safely utilize stablecoins to optimize supply chain finance and cash management, creating real demand for professional services such as audit processes, tax planning, and internal controls.

This shift also raises higher requirements for the crypto industry itself. Deep involvement of professional service firms means crypto projects need to establish more standardized corporate governance, more transparent financial disclosures, and more rigorous compliance systems. The industry’s entry barriers are being raised invisibly; projects relying solely on hype, lacking substantive business and compliance awareness, will find it harder to attract mainstream capital. Under the supervision and guidance of professional institutions, the entire industry will evolve toward greater maturity and sustainability.

Looking ahead, PwC’s move is just the beginning. As regulatory frameworks are gradually refined across major economies worldwide, we can expect more previously cautious banks, insurers, and asset managers to accelerate their crypto strategies. Blockchain technology, especially its programmability and transparency, will gradually permeate from edge innovations into an indispensable “new pipeline” of global financial infrastructure. PwC’s “tilt” is effectively pressing the accelerator for this profound and silent transformation.