Trump’s push for ‘crypto capital’ sparks PwC shift towards digital assets
The US arm of the Big Four giant PwC has changed its stance on cryptocurrency work following President Donald Trump’s fondness for digital assets.
Trump has pledged to make the US the “crypto capital of the world” after passing the ‘Genius Act’, which governs digital assets such as stablecoins, into law last year.
As a result of Trump’s focus, digital tokens like Bitcoin gained $1.2 tr in value in the 12 months after he won the election, according to CoinGecko data.
With the focus on digital assets in the US, firms are starting to rethink their former reluctance to work with crypto clients.
Speaking to the Financial Times, PwC US boss Paul Griggs said the firm will ‘lean in’ into cryptocurrency work.
Griggs explained: “We feel a responsibility to be hyper-engaged on both sides of the business.”
“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,” he added.
PwC ‘leaning in’ to Crypto
Previously, under other administrations, the US regulators have had a sceptical stance on crypto.
Now that the new rules are in place, PwC is changing its approach.
“The Genius Act and the regulatory rule making around stablecoin, I expect, will create more conviction around leaning into that product and that asset class,” Griggs noted.
The firm aims to enhance its audit and consulting services by exploring the use of stablecoins to improve payment efficiency as part of its growth strategy.
However, Griggs added the business will be equipped before it leans into the space, as over the last 10 to 12 months, “we’ve taken on more opportunities in that digital assets arena, we’ve bolstered our resource pool inside and outside.”