The accounting firm PricewaterhouseCoopers (PwC) is strengthening its presence in the crypto sector after years of restraint. Paul Griggs, US Senior Partner and CEO of PwC, confirmed the firm's strategic realignment to the Financial Times.
The decision follows sweeping regulatory changes in the US under the Trump Administration. In July 2025, President Donald Trump signed the GENIUS Act, which creates the first federal framework for payment stablecoins. PwC is expanding its audit, compliance, and advisory services for crypto exchanges, stablecoin issuers, and tokenization platforms. The firm hired Cheryl Lesnik as partner. She previously spent three years at a smaller firm specializing in digital assets. PwC also took on the auditor role for MARA Holdings, a publicly traded Bitcoin mining company, for fiscal year 2025.
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GENIUS Act creates regulatory clarity
The GENIUS Act, passed in July 2025, marks a turning point for US crypto regulation. The law establishes clear requirements for custody, reserves, and disclosure obligations for stablecoin issuers. Additionally, banks gain the ability to issue their own digital assets. This legislation ends years of regulatory uncertainty that forced crypto companies to operate in a legal gray zone.
Griggs commented on the new law's impact: "The GENIUS Act and the regulatory rules around stablecoins will create more conviction to invest in this product and asset class. The tokenization of assets will also continue to evolve. PwC must be present in this ecosystem."
Leadership changes at the Securities and Exchange Commission (SEC) accelerated the regulatory shift. Gary Gensler resigned on January 20, 2025. During his nearly four-year tenure, he initiated around 100 enforcement actions against digital assets. Paul Atkins, a former SEC Commissioner under President George W. Bush, was confirmed by the Senate on April 9, 2025, with a narrow 52-to-44 vote. Atkins is considered market-friendly and innovation-oriented.
Expanding technical capabilities and mandate strategy
PwC developed the Halo tool in 2019, an audit software for crypto assets. The solution verifies the connection between private keys and public addresses. It also enables independent verification of blockchain transactions. The tool supports Bitcoin, Ethereum, Ripple, and various ERC-20 tokens. PwC uses Halo for financial audits and regulatory assurance services for FINMA-regulated blockchain companies.
The firm systematically built its internal crypto expertise. Griggs emphasized that PwC has "strengthened our resources internally and externally" to fully enter the digital asset space. The service portfolio includes corporate strategy, risk management, cybersecurity, transaction advisory, and regulatory compliance. PwC also advises clients on using stablecoins for more efficient payment systems.
MARA Holdings appointed PwC as auditor in March 2025 after a selection process. The company had previously dismissed Marcum LLP. The separation occurred without disagreements on accounting principles or audit scope. But Marcum identified a material weakness in revenue recognition controls as of December 31, 2023, which was remediated by year-end 2024.
Tokenization as a growth market
PwC forecasts significant growth for the tokenization of real-world assets. A joint study by Nethermind and PwC Germany projects a market exceeding $15 trillion by 2030. The analysis shows an average annual growth rate of 50.1 percent between 2022 and 2026. Currently, over $91 billion in real-world assets are tokenized, with Ethereum as the leading platform.
The RWA tokenization ecosystem experienced explosive growth. The on-chain value reached around $30 billion in 2025 - a 400 percent increase within three years. Private credit dominates with a 58 percent market share ($14 billion), followed by US Treasury bonds at 34 percent ($8.2 billion).
Industry forecasts vary. McKinsey estimates the tokenized asset market at $2 to $4 trillion by 2030, while Boston Consulting Group projects $16 trillion. Standard Chartered expects $30 trillion by 2034. PwC identifies bonds, real estate, funds, and private credit as central asset classes for tokenization.
Big Four position themselves in crypto market
PwC is not the only Big Four accounting firm expanding crypto services. Deloitte has audited Coinbase since 2020 and published a detailed crypto accounting guide in May 2025. KPMG also markets compliance and risk management services for digital assets. The firm stated that crypto adoption reached a "turning point" in 2025.
A PwC survey shows that 76 percent of global investors plan to expand their digital asset exposure. Nearly 60 percent want to allocate over 5 percent of assets under management to crypto. Overall, more than half of traditional hedge funds had crypto exposure in 2025 - up from 47 percent the previous year.
The strategic positioning of the Big Four signals the increasing integration of crypto assets into the traditional financial system. With three of the four largest accounting firms active in the digital asset space, the sector is no longer considered a niche market but an established component of global financial infrastructure. The regulatory clarity from the GENIUS Act and personnel changes at the SEC create the foundation for institutional expansion in the coming years.
