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U.S. Treasury launches task force to prepare finance for quantum threats
The U.S. Department of the Treasury has launched the Quantum-Readiness Task Force to prepare the financial sector for the cybersecurity threats posed by future quantum computing. This initiative, following Executive Order 14412, focuses on three workstreams: aligning financial firms for transition, ensuring vendor readiness, and evaluating risks to digital assets and emerging technologies. While the task force aims to coordinate the adoption of post-quantum cryptography (PQC) across the private sector, specific transition deadlines currently apply only to critical federal systems, with targets for key sharing and digital signatures set for 2030 and 2031 respectively.
In the cryptocurrency sector, significant technical milestones have been reached regarding quantum resistance. StarkWare successfully mined the first quantum-safe Bitcoin transaction on the mainnet using its Quantum Safe Bitcoin (QSB) method. This approach utilizes hash-based cryptography to avoid the vulnerabilities of current elliptic-curve signatures. However, the method currently requires high computational costs—estimated between $75 and $150 per transaction—and must be submitted directly to miners as standard nodes may not relay the specific script format.
Simultaneously, Blockstream has published a Bitcoin Improvement Proposal (BIP) for the SHRINCS signature scheme. This post-quantum signature scheme, which already operates on the Liquid sidechain, aims to protect Bitcoin against future quantum attacks. While promising, researchers note that post-quantum signatures are significantly larger than current standards, which could impact blockchain transaction speeds.
Entities
Bitcoin · Blockstream · IBM · Luke Pettit · National Institute of Standards and Technology · Quantum-Readiness Task Force · Scott Bessent · StarkWare · U.S. Department of the Treasury
Claims
What the coverage asserts, and how many sources carry each claim.
- [● 4 SOURCES] StarkWare successfully executed the first quantum-safe Bitcoin transaction on the mainnet without requiring a protocol fork. coindoo.com · www.criptotendencias.com · koinbulteni.com · cryptobriefing.com
- [○ 1 SOURCE] The U.S. government has set deadlines for federal systems to transition to post-quantum key sharing by 2030 and digital signatures by 2031. crypto-times.jp
- [● 2 SOURCES] The task force operates through three workstreams: Sector Alignment & PQC Transition, Third-Party & Vendor Readiness, and Digital Assets and Emerging Technology Risk. quantumzeitgeist.com · www.cybersecuritydive.com
- [● 2 SOURCES] Post-quantum signature schemes are significantly larger, between 38 and 123 times the size of current Bitcoin ECDSA and Schnorr signatures. bitcoinethereumnews.com · www.spacemoney.com.br
- [● 4 SOURCES] The quantum-safe transaction required direct submission to a miner via MARA’s Slipstream service because standard nodes did not relay the script format. coindoo.com · www.criptotendencias.com · koinbulteni.com · cryptobriefing.com
- [● 2 SOURCES] The quantum-safe Bitcoin transaction method currently incurs high costs, estimated between $75 and $150 per transaction. www.criptotendencias.com · cryptobriefing.com
- [● 3 SOURCES] Blockstream published a Bitcoin Improvement Proposal (BIP) for the SHRINCS post-quantum signature scheme. bitcoinethereumnews.com · www.spacemoney.com.br · mycryptoparadise.com
- [● 3 SOURCES] The U.S. Department of the Treasury launched the Quantum-Readiness Task Force to prepare the financial sector for quantum computing threats. cybernoz.com · quantumzeitgeist.com · www.cybersecuritydive.com