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PricewaterhouseCoopers has expanded its cryptocurrency business following a shift towards clearer US regulation, with new leadership at regulatory bodies and progress on stablecoin legislation driving the decision, according to chief executive officer Paul Griggs.
New leadership within US regulators such as the US Securities and Exchange Commission and new laws like the GENIUS Act were among the major developments that spurred PwC's expansion, Griggs told the Financial Times.
Paul Griggs, chief executive officer, PwC
Paul Griggs, chief executive officer of PwC, said:
"The GENIUS Act and the regulatory rulemaking around stablecoin, I expect, will create more conviction around leaning into that product and that asset class. The tokenisation of things will certainly continue to evolve as well. PwC has to be in that ecosystem."
— Paul Griggs, chief executive officer, PwC
PwC is part of the "Big Four," a group of the largest accounting and professional services companies in the world. Its global revenues are listed as $56.9 billion as of October. A growing number of companies, even those that were previously sceptical of cryptocurrency, have entered the sector over the last few years.
PwC lists a range of crypto-related services on its website, including accounting, cybersecurity, wallet management and regulatory advice. The company said it already has a variety of clients across the industry, such as exchanges, traditional financial institutions entering the sector, and governments, central banks, regulators and other policymakers.
Griggs also 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. 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.”
He added:
“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.”
The other members of the Big Four, Deloitte, Ernst & Young and KPMG, have also started to offer crypto-related services.
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