Six regulatory changes reshaping controllership in the US

Controllers should balance evolving regulations, AI advancements and global trade shifts with reporting compliance and reliability.

In brief

• Trump Administration policies are having significant business and regulatory implications across AI, technology, trade, tax, energy and climate.
• Controllers have an opportunity to address the financial and operational implications and be an integral part of the business transformation.
• Controllership is evolving across three key areas: addressing talent needs, evolving technology and refining processes to manage ever-changing risks.

In an era marked by significant regulatory shifts under the Trump Administration, deregulation, technological disruption and shifts in global trade and tax policy are redefining the rules of engagement for businesses and financial leaders. For controllership functions and the controllers, these changes present both unprecedented opportunities and complex challenges. The easing of regulatory burdens demands a strategic pivot from a compliance-heavy focus to a more dynamic, forward-thinking role in financial management and corporate governance. At the same time, advancements in AI, the mainstreaming of cryptocurrency and evolving global trade policies require finance leaders to be more agile than ever.

2. Global trade dynamics and supply chain strategy

Global trade policies are expected to shift with broader tariffs aimed at strengthening US manufacturing and reducing reliance on imports from China and other key markets. These measures, including the renegotiation of trade deals like United States-Mexico-Canada Agreement (USMCA) and US-EU agreements, could lead to higher import costs, trade tensions and supply chain disruptions. Businesses with manufacturing operations in Mexico and Canada may also face regulatory challenges. As a result, companies will need to reassess and diversify their supply chains, with a potential emphasis on reshoring and reducing dependence on Chinese suppliers. While these changes may increase operational costs, they may also drive long-term supply chain resilience and strategic transformation.

Impact on controllership function

Controllers can assist the organization in navigating the financial implications of shifting trade policies through strategic supply chain reviews and inventory assessments. They provide accounting support for government grants and incentives promoting onshoring while evaluating potential impairments related to manufacturing operations. Proactive financial modeling and risk assessment will be critical to achieving compliance, optimizing costs and maintaining operational stability amid evolving trade dynamics.

Key areas of focus

3. Energy and climate

The energy landscape is shifting under the new administration, bringing both regulatory rollbacks and continued market-driven sustainability efforts. While environmental deregulation may lower compliance costs for some industries, businesses will still need to align with international and state-level sustainability mandates and long-term planning strategies. Changes to climate-related incentives are expected but will likely be limited, given the strong economic case for clean energy across political divides. The expansion of renewable energy sectors — such as geothermal and nuclear — remains a priority to meet growing electricity demands, particularly for AI-driven industries. The administration also aims to accelerate oil and gas drilling, including on public lands, while expediting permits for large energy projects to boost domestic production and job creation.

Impact on the controllership function

As energy policy evolves, the controllership function may need to balance regulatory adaptability with long-term sustainability and financial risk management so that businesses remain competitive and compliant in a dynamic global market. Controllers may be asked to proactively assess the financial and operational implications of these shifting energy policies.

Key areas of focus

4. Cryptocurrency and blockchain integration

The evolving regulatory landscape is set to remove long-standing barriers to public blockchains like Ethereum, allowing businesses to tokenize and distribute digital assets more freely. With these restrictions lifted, US companies and investors will gain broader access to digital asset markets, accelerating blockchain adoption across industries. Blockchain technology is also poised to transform the payments industry. Businesses will soon be able to process transactions in multiple currencies through blockchain networks at a fraction of the cost of traditional banking systems. Additionally, with a more favorable regulatory stance, companies may explore blockchain applications in areas like inventory management and asset tracking, leveraging its transparency and security for non-financial use cases.

Impact on the controllership function

Controllers could adapt to the growing influence of cryptocurrency and blockchain by verifying compliance with IFRS/GAAP standards for crypto holdings and tokenized assets while addressing the complexities of reconciling on-chain and off-chain transactions. With increased receptivity in public markets, they could also provide transaction advisory support for crypto-related FinTech activities. Additionally, integrating blockchain-enabled payments into treasury functions will require strategic oversight in cash flow forecasting and liquidity management. The repeal of Staff Accounting Bulletin No. 121 further underscores the need for financial reporting guidance as banks gain custody over crypto assets. Controllers may also assess the implications of tokenized real-world assets and confirm accurate reconciliation of blockchain-based smart contracts to maintain transparency and mitigate risk.

5. Evolving tax landscape

With potential extensions and expansions of the Tax Credit and Jobs Act, businesses will need to actively monitor legislative proposals and prepare for multiple outcomes. Engaging in policy discussions will be crucial in shaping favorable tax strategies. Additionally, potential corporate tax reductions and new incentives could present opportunities for US-based producers to optimize their tax positions. Companies could also assess how federal and state tax credits might influence supply chain restructuring so that they can maximize financial benefits while aligning with regulatory changes.

Impact on the controllership function

Controllers could provide accounting support for government grants and incentives aimed at promoting onshoring of manufacturing capacity, establishing that businesses can effectively leverage these opportunities. They could also assist in evaluating the financial implications of these incentives on corporate strategy and compliance.

6. Shifting regulatory priorities

The Trump Administration’s approach to financial regulation has been characterized by a push toward deregulation, with implications for every finance function.

Impact on the controllership function

The Trump-era regulatory shifts necessitate a strategic transformation in the controllership function. As regulatory priorities continue to evolve, controllers and their teams will need to understand the impact to the corporate governance structures, policies and procedures to maintain financial integrity and adaptability. With reduced regulatory burdens, controllers may reallocate resources toward enhancing financial strategy. This includes refining investment accounting, improving financial reporting mechanisms, and strengthening governance oversight to align with shifting regulatory expectations. As noted in the 2024 EY Global DNA of the Financial Controller survey — “86% of controllers surveyed expect their role to change significantly over the next five years.” The actions of the Trump Administration are quickly proving these changes in the role of the controllership function may be here before originally anticipated.

How does the future look for the controller?

There is no single roadmap to navigate the changes brought by the new administration in the US, and for the controllership function, long-standing operating models will likely evolve. Trump’s regulatory changes, marked by deregulation and a pro-business stance, will shift the focus away from a compliance-heavy economy. In this environment, controllers may need to reallocate resources toward financial planning, risk assessment and governance oversight, adapting to a more dynamic and strategic role.

Increased collaboration between teams and the C-suite and other finance leaders — whether with the CFO, CTO, CIO, Treasurer, or other executives — will be essential to aligning financial strategy with broader business objectives. As technology, trade and tax policies continue to evolve, corporate controllers could take measures to strengthen their advisory roles, embrace digital transformation, and proactively navigate financial complexities to drive long-term resilience and growth.