When cryptocurrencies meet traditional finance: PwC's intermediary position in a clear regulatory environment

How U.S. Regulatory Shift Is Redefining the Growth Path of Cryptocurrencies

After years of cautious observation, professional services giants are accelerating their deployment in the digital asset space. The shift in the U.S. regulatory environment has become a key trigger for this turning point.

In early 2025, with an improved policy tone in Washington, PwC’s commitment to the cryptocurrency sector has significantly accelerated. U.S. federal regulators are no longer taking a hardline stance, instead adopting a more constructive framework. This change directly breaks the long-standing uncertainty that has plagued financial institutions.

Key policy developments include the passage of the GENIUS Act (S.1582) on July 18, which establishes a federal unified framework for stablecoins. Banks and approved non-bank institutions can now issue stablecoins in accordance with clear reserve and disclosure rules. Meanwhile, the Federal Deposit Insurance Corporation (FDIC) has proposed reforms aimed at streamlining approval processes and reducing compliance barriers at the state level, creating favorable conditions for firms like PwC to expand in the crypto services sector.

Why Major Traditional Accounting Firms Are Key Players in the Digital Asset Ecosystem

As one of the Big Four accounting firms (alongside KPMG, Deloitte, and EY), PwC has long provided comprehensive services such as auditing, strategic consulting, tax, and M&A to global enterprises. Its deepening involvement in cryptocurrencies sends an important signal to traditional financial institutions: this is no longer a marginalized experiment.

As a trusted auditor and advisor, PwC’s involvement can effectively reduce operational and compliance risks for financial institutions entering the digital asset space. After major incidents like FTX, institutional investors’ demand for transparent audits and risk management has become especially urgent—this is precisely PwC’s core competitive advantage in crypto services.

Evolution and Current State of PwC’s Digital Asset Practice

The company began exploring cryptocurrencies as early as 2015-2016, focusing mainly on Bitcoin adoption trends and blockchain technology experiments, including the launch of the Vulcan platform.

Today, its global digital asset team has expanded to over 350 experts across more than 30 countries. PwC US partner Paul Griggs notes that the firm has observed sustained growth in crypto-related audit and consulting work. As tokenized assets gradually integrate with traditional finance, demand for accounting, compliance, and strategic advisory services is on the rise.

Currently, PwC’s focus areas include stablecoin consulting, blockchain infrastructure development, and auditing of tokenization projects involving bonds, funds, and commodities.

How Regulatory Clarity Drives Institutional Adoption

PwC’s actions reflect a broad shift across the traditional financial sector. As regulatory frameworks become more refined, large institutions are preparing for deep integration of blockchain technology with legacy systems. This process is driving the development of the entire digital asset ecosystem.

Data confirms this trend: according to a survey by AIMA, over 55% of traditional hedge funds held crypto assets in 2025, up significantly from 47% the previous year. Among global investors, 76% plan to increase their digital asset allocations, with nearly 60% intending to allocate over 5% of their assets under management to this sector.

This indicates that increased regulatory transparency not only alleviates institutional concerns but also acts as a key driver for large-scale capital inflows.