The U.S. Department of the Treasury announced the launch of the Quantum-Readiness Task Force, a public-private initiative to help the financial sector prepare for quantum computing threats.
Quantum computing has the potential to transform science and technology, but such systems could eventually break many of the cryptographic tools that protect financial data, payment systems, digital identities, and market infrastructure, according to Treasury. The task force was established following President Donald Trump's Executive Order 14412 on strengthening cryptographic protections for sensitive data and critical infrastructure.
The task force will operate through three workstreams: Sector Alignment and Post-Quantum Cryptography Transition; Third-Party and Vendor Readiness; and Digital Assets and Emerging Technology Risk. The initiative brings together government, financial institutions, financial market infrastructures, technology providers, and other private-sector leaders.
It will focus on practical, risk-based approaches including identifying critical dependencies, improving cryptographic agility, promoting interoperability, strengthening operational resilience, and addressing challenges related to third-party dependencies and digital assets.
"Quantum computing holds significant promise, but it also presents a serious long-term challenge to the cryptographic tools that underpin the U.S. financial system," said Luke Pettit, Treasury Assistant Secretary for Financial Institutions.