Since its inception, blockchain technology’s regulatory uncertainty has kept it largely in the domain of IT teams, outside most CFO control frameworks, balance sheets and capital allocation decisions. But that posture is beginning to shift among the world’s largest accounting firms.
PwC is expanding its digital asset business as U.S. regulation becomes clearer, a shift U.S. CEO and Senior Partner Paul Griggs said reflects growing conviction that stablecoins and tokenized assets can now be supported at scale.
In an interview with the Financial Times published Jan. 4, Griggs said the firm decided to “lean in” to crypto-related work after years of caution as stablecoin legislation and regulatory rulemaking began to provide a more defined framework. He pointed to the passage of the GENIUS Act as a key catalyst, saying it would create “more conviction around leaning into that product and that asset class.”
Regulatory clarity changes how advisors engage
The regulatory progress cited by Griggs reflects a broader shift in how professional services firms approach digital assets. Clearer rulemaking and legislation allow firms to design audit approaches, compliance processes and advisory frameworks that can be applied consistently across clients.
Griggs also cited new leadership at the U.S. Securities and Exchange Commission, which, under recently appointed chair Paul Atkins, has prioritized setting clearer rules for digital assets. Together, those changes have reduced uncertainty for large accounting firms trying to determine how crypto activity will be supervised and governed.
Griggs said clearer rulemaking allows firms to build audit, compliance and advisory frameworks that can be applied consistently across clients and supported with long-term investment.
PwC already lists a range of crypto-related services across accounting, cybersecurity, wallet governance and regulatory advisory. Over the past year, the firm has expanded its internal and external resource pool as opportunities in the digital assets arena increased, Griggs told the Financial Times. PwC reported global revenues of $56.9 billion for FY 2025 as of October, underscoring its ability to scale services where it sees durable demand.
Griggs said PwC feels a responsibility to be “hyper-engaged” across both audit and consulting, noting the firm is seeing more crypto-related opportunities coming its way as institutions gain confidence in the regulatory perimeter surrounding stablecoins and tokenization.
That expansion does not fully align with what some CFOs say they are seeking from accounting firms as clients. In October, CFO Alliance President and founder Nick Araco Jr. said members of his organization, who are largely midmarket CFOs and a significant portion of PwC’s target client base, have increasingly asked for recommendations that avoid the largest firms for services of any type.
“Our CFO members are asking us for recommendations to firms that are mid-market themselves,” Araco said. “And they’re saying, ‘Please don’t send me the Big Four, the next-tier firms or any group owned by private equity.’ That eliminates almost three-quarters of the market.”
Araco said many CFOs believe the largest firms are moving away from the partnership model that once defined the accounting profession. Firms that remain partnership-driven, without outside investment, are attracting attention by emphasizing career paths and development programs, even as quality, tenured talent within Big Four continues to be harder to come by.
Stablecoins introduce new CFO responsibilities
PwC’s emphasis on stablecoins places digital assets closer to areas directly overseen by CFOs, particularly treasury, payments and liquidity management. Griggs said the firm has been pitching clients on how stablecoins could improve the efficiency of payment systems, a theme that has gained traction as banks and fintech firms explore faster settlement and cross-border transfer models.
Those discussions will likely increasingly involve finance teams. Stablecoin use raises practical questions around cash classification, counterparty exposure, custody arrangements, reconciliation and internal controls, all of which sit squarely within the CFO’s realm of responsibility and often require coordination with auditors and audit committees.
PwC’s broader engagement also influences governance expectations. As advisers begin treating stablecoins as governable within existing professional standards, CFOs may be asked to explain why certain use cases are being evaluated, piloted or even excluded. Decisions to remain on the sidelines can require documentation as boards seek clarity on emerging risks and opportunities tied to the future of the global payments infrastructure.
The firm’s move also aligns with broader activity across the Big Four. Deloitte, Ernst & Young and KPMG have all expanded crypto-related offerings in recent years, spanning advisory, tax, audit and cybersecurity services. The convergence suggests a shared view that parts of the digital asset ecosystem can now be addressed within established governance frameworks.
For CFOs, the implication is an expanding expectation to assess stablecoins. As advisers, banks and regulators align around clearer standards, finance leaders increasingly become the owners of decisions about how digital assets fit within their control environment.
