PricewaterhouseCoopers decided to expand its crypto business after a shift toward clearer US regulation, citing new leadership at regulators and progress on stablecoin legislation, CEO Paul Griggs said.
within US regulators such as the US Securities and Exchange Commission and new laws like were among the major developments that spurred PwC’s reversal, Griggs the Financial Times in a report on Sunday.
“The GENIUS Act and the regulatory rulemaking around stablecoin, I expect, will create more conviction around leaning into that product and that asset class,” he said, adding that “the tokenization of things will certainly continue to evolve as well. PwC has to be in that ecosystem.”
PwC is part of the “Big Four,” a group of the largest accounting and professional services companies in the world. Its global revenues are as $56.9 billion as of October. A , even those that were skeptical of crypto, have entered the sector over the last few years.
PwC “do all the above in crypto”
PwC lists a range of on its website, including accounting, cybersecurity, wallet management and regulatory advice.
At the same time, the company said it already has a variety of clients across the industry, such as exchanges, traditional financial institutions trying to enter the sector, and governments, central banks, regulators, and other policymakers.
Griggs told the Financial Times that PwC has been steadily expanding in the space.
“We are never going to lean into a business that we haven’t equipped ourselves to deliver,” he said. “Over the last 10 to 12 months, as we’ve taken on more opportunities in that digital assets arena, we’ve bolstered our resource pool inside and outside.”
“Whether we are doing work in the audit space or doing work in the consulting arena — we do all the above in crypto — we see more and more opportunities coming our way.”
All of the “Big Four” are in crypto now
The other members of the Big Four, Deloitte, Ernst & Young and KPMG, have also started to offer crypto-related services.
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Deloitte offers blockchain strategy and consulting services and lists smart contracts platform Ava Labs, accounting company Bitwave, and as partners in its “blockchain alliances.”
Ernst & Young has crypto strategy and tax support as part of its services, while KPMG offers crypto audits, cybersecurity services, and an advisory network.
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