US Treasury Launches Quantum Task Force to Review Digital-Asset Security Risks

The US Treasury Department has launched a public-private task force to prepare for the possibility that future quantum computers could undermine the cryptographic systems used across the financial sector. The effort will also examine security risks surrounding digital assets.

The Treasury said Aug. 25 that it had established the Quantum-Readiness Task Force under President Donald Trump’s Executive Order 14412. The group is intended to create a joint government-industry framework to help the US financial sector shift to cryptography that can withstand quantum-computing attacks.

Treasury Secretary Scott Bessent said the US must lead in securely protecting the technologies that power the economy. The task force will help ensure the US financial system remains strong, secure and competitive as new technologies reshape the global economy, he added.

The task force will focus on three areas: the financial sector’s transition to post-quantum cryptography, preparedness among external technology vendors and supply chains, and risks tied to digital assets and other emerging technologies. Participants will include government agencies, financial institutions, financial market infrastructure operators and technology companies.

Quantum computers can process certain calculations much faster than conventional computers, raising the long-term possibility that some cryptographic technologies used in today’s financial system could become ineffective. The Treasury said a shift to quantum-resistant cryptography is needed to protect financial data, payment systems, digital identity and market infrastructure.

Luke Pettit, the Treasury’s assistant secretary for financial institutions, said quantum computing holds substantial promise but also presents a serious long-term challenge to the cryptography underpinning the US financial system. Government and industry will work together to lead the transition to a financial system secure against quantum-computing threats, he said.

The Treasury plans to identify dependencies across critical financial systems and strengthen the ability to replace cryptography quickly, while improving interoperability across systems and operational resilience. It will also review reliance on external technology vendors and quantum-related risks that could emerge in digital assets.