PwC makes a major turn! Trump personally promotes crypto policies, leading four major institutions to compete for digital assets

PwC has decided to fully enter the crypto space after years of cautious exploration. Paul Griggs, the head of PwC in the US, stated that this strategic shift occurred after the Trump administration appointed pro-crypto regulators and Congress passed the “Genius Act” to regulate stablecoins. Regulatory clarity has eliminated reputational risks, and Deloitte has been auditing the largest compliant crypto exchanges in the US since 2020. KPMG claims 2025 will be a turning point, and the Big Four are now competing in full force.

Trump Policy Shift Ends Regulatory Paralysis

PwC’s strategic shift is not an isolated event but a direct result of the fundamental change in the US government’s approach to cryptocurrency policy. During the Biden administration, the Securities and Exchange Commission (SEC) adopted confrontational tactics, filing lawsuits against major exchanges and questioning the legal status of most digital tokens. Crypto companies have long operated in a gray area, constrained by enforcement actions rather than clear regulations. This regulatory paralysis discouraged blue-chip firms like PwC from entering the space.

After Trump appointed Paul Atkins to lead the SEC, this stance dramatically changed. Atkins, a former SEC commissioner known for his pro-business stance, prioritized developing crypto regulations over enforcement actions. The SEC has begun consulting on token classification, custody standards, and disclosure frameworks, signaling a shift from hostility to support.

The passage of the “Genius Act” was a milestone. It established clear custody, reserve, and disclosure requirements for stablecoin issuers, ending years of regulatory paralysis. Griggs stated, “The ‘Genius Act’ and the regulatory guidelines around stablecoins will boost market confidence in these products and asset classes. Asset tokenization will inevitably continue to evolve, and PwC must be embedded in this ecosystem.”

For professional service firms, regulatory clarity removes the reputational risks that previously hindered their business development. Auditing crypto exchanges or providing tax advice to token issuers no longer entails the risk of regulatory violations or legal enforcement. This change in risk assessment is a core reason why PwC has decided to enter the space.

The Big Four’s Differentiated Competitive Strategies

PwC’s entry has intensified competition among the Big Four accounting firms, each striving to become the leader in enterprise digital asset consulting, with different strategic focuses.

Deloitte: Audit-First Strategy

· Since 2020, providing audits for the largest compliant US crypto exchanges

· Released the first digital asset roadmap in May 2025

· Focus on balance sheet handling and revenue recognition guidelines

· Building industry credibility through audit services

KPMG: Compliance and Risk Focus

· Declares 2025 as a pivotal year for digital asset adoption

· Focus on anti-money laundering reviews and cybersecurity assessments

· Offers internal controls design for digital asset operations

· Targeting enterprise clients concerned with regulatory compliance

EY: Tax and Transaction Expertise

· Developing cryptocurrency tax calculation tools

· Providing M&A advisory services for crypto assets

· Helping acquirers evaluate token value and regulatory risks

· Specializing in complex cross-border transaction tax handling

PwC: Ecosystem Integration

· Promoting stablecoins to improve payment system efficiency

· Dual focus on audit and consulting services

· Emphasizing integration into the overall ecosystem

· A later but comprehensive market entry strategy

Deloitte’s partnership with the largest compliant US crypto exchange has enhanced its reputation in the crypto field. The exchange went public via direct listing in 2021, with a valuation exceeding $85 billion, making it one of the most prominent crypto companies in traditional capital markets. Deloitte’s audit opinion on the exchange’s financial statements not only boosted its credibility but also strengthened Deloitte’s expertise in crypto.

KPMG has adopted a different approach, focusing on compliance and risk management rather than auditing. The firm offers anti-money laundering reviews, cybersecurity assessments, and internal controls design for digital asset operations, targeting enterprise clients concerned with regulation. KPMG’s “Critical Point” statement indicates that the company believes the adoption of cryptocurrencies is accelerating beyond speculation, moving toward real enterprise applications.

Stablecoins as a Key Entry Point for Blue-Chip Companies

What ultimately convinced firms like PwC to accept cryptocurrencies was not Bitcoin’s speculative appeal or blockchain’s revolutionary potential, but the practical efficiency of stablecoins in cross-border payments. Stablecoins pegged to fiat currencies like the US dollar, backed by cash or short-term government bonds, maintain price stability, making them highly useful in payments.

Singaporean companies can almost instantly send USDC (Circle’s USD-pegged stablecoin) to suppliers in Brazil at a fraction of the cost of wire transfers. The “Genius Act” provides regulatory certainty by establishing reserve requirements, redemption rights, and disclosure obligations for stablecoin issuers.

JPMorgan has been operating JPM Coin since 2019 for wholesale payments among institutional clients, handling billions of dollars daily with the token. Citigroup, HSBC, and Standard Chartered have announced plans to launch or expand stablecoin services, targeting corporate clients seeking simplified cross-border payments and working capital management.

For PwC, enterprise adoption of stablecoins creates lucrative opportunities in audit, tax, and consulting. Companies using stablecoins need to develop accounting policies for token holdings, tax strategies for cross-border transactions, and internal controls for digital asset custody—areas where the Big Four can provide expertise.

Reassessing Risks After FTX Collapse

Despite optimism, significant risks remain in the crypto space, and PwC is betting that US regulators will effectively manage these risks. The collapse of FTX in November 2022 intensified industry concerns, resulting in billions of dollars in customer losses, and its founder Sam Bankman-Fried faced criminal charges. The bankruptcy revealed that FTX commingled customer deposits with its trading firm’s funds and lacked basic financial controls.

Yet, even during the industry’s darkest days, some of the Big Four maintained investments in crypto. Deloitte continued auditing the largest compliant US exchange, and KPMG kept promoting compliance consulting, reflecting confidence that regulation will eventually clarify. Now, this bet appears to be paying off, as the Trump administration’s policy shift and the passage of the “Genius Act” provide a safer entry point for latecomers like PwC.

Griggs’ comment, “We feel a responsibility to stay highly engaged across all aspects of the business,” reflects PwC’s view that the current benefits outweigh the risks. The collective embrace of crypto by the Big Four signals a turning point for the industry and sends a strong message to enterprise clients.