PwC Embraces Crypto Shift as U.S. Regulation Turns Friendlier, Report Says

The world’s biggest professional services firm, PwC, has decided to take a different approach towards digital currencies. This follows many years of being cautious, but now it is becoming more active because it sees that the U.S. government is providing a better and more practical environment for regulation. The change, as reported by the Financial Times, is attributed to policy changes witnessed during the Trump regime and the increasing call for stablecoin laws.

This move represents a significant turnaround for PwC. Although it has been offering advice on blockchain technology to customers for a long time, the company could not risk getting deeply involved in the crypto business due to the unpredictable nature of regulation and enforcement actions. However, this calculus appears to be shifting with indications from Washington about a planned approach towards digital assets.

What Made PwC Change Its Stance On Crypto

Insiders reveal that there is a key moment in American policy on cryptocurrencies that PwC believes it has identified. Rather than using regulation to enforce laws, politicians and regulators now seek transparent rules, defined supervision, and market organisation – all of which allow “Big Four” consulting companies like PricewaterhouseCoopers more comfort in expanding their services related to cryptocurrencies.

A significant part of this includes stablecoins. The introduction of proposed laws targeting stablecoins pegged on the US dollar has gone a long way in legitimising some forms of crypto that were already heavily intertwined with payments, banking and the global finance sector. This results in demand from banks, fintechs, as well as corporations for compliance advisory services offered by PwC concerning risks and implementation.

 Offering Consultation Services On A Large Scale

PwC’s new approach involves extending its advisory services in areas such as crypto accounting, custody frameworks for digital assets, reserves management of stablecoins and compliance readiness with regulations related to these emerging forms of exchange mediums across all industry sectors, rather than just treating it as an experimental add-on.

Top management within the organisation is said to draw comparisons between this development and previous ones witnessed in fintech as well as cloud adoption sectors, whereby initial doubt gave way to complete integration upon the establishment of clear guidelines.

Why Politics And Policy Are Important

Many see the regulatory position taken by the Trump administration as a driving force behind this change, especially due to its call for clearer definitions through legislation rather than depending on ad hoc enforcement measures. Such a move has clarified some legal uncertainties that used to make multinationals shy away from expanding their cryptocurrency services.

PwC is not the only one doing this. As Washington progresses towards setting up formal market structures and enacting stablecoin regulations, other major accounting and consultancy firms are taking another look at cryptocurrencies, too.

Implications Of The Above For The Crypto Sector

The move by PwC is indicative of something important within the industry. Institutional adoption may be seen when one of the biggest players in global professional services takes such steps.

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