Big Four accounting firm PwC has reversed its cautious stance on crypto after regulatory developments related to the space in the United States.
PwC Has Softened Its Stance On Crypto“The Genius Act and the regulatory rulemaking around stablecoin, I expect, will create more conviction around leaning into that product and that asset class,” said Paul Griggs, senior partner at PwC US, in an interview with FT.
Griggs added that PwC has been pitching companies on how they can use digital asset technology, with stablecoins as a means of improving payment systems’ efficiency, cited as one example.
PwC and other Big Four firms budging on crypto showcases the legislative momentum that the industry has had recently, with traditional finance increasingly unable to ignore the sector. Stablecoins, in particular, have been witnessing growing adoption. Beyond the American Genius Act, this class of digital assets also attracted regulatory attention in other parts of the world.
The sector hasn’t been unaffected by the wider slowdown in crypto since October, however. From the above chart, it’s visible that the stablecoin market cap has seen consolidation in the last few months.
Nonetheless, while other parts of the market have shrunken, these fiat-tied tokens still have their combined market cap sitting at $307 billion today, which is very close to the all-time high (ATH).
Bitcoin PriceAt the time of writing, Bitcoin is trading around $92,900, up nearly 6% over the last week.
