The U.S. Securities and Exchange Commission (SEC) is reviewing a proposed framework designed to protect digital assets from emerging quantum computing threats. The blueprint, titled the Post-Quantum Financial Infrastructure Framework (PQFIF), was authored by Daniel Bruno Corvelo Costa and submitted to the SEC’s Crypto Assets Task Force.
The proposal outlines a strategic and technical roadmap for transitioning the cryptographic foundations of assets such as Bitcoin and Ethereum to quantum-resistant standards. It warns that cryptographically relevant quantum computers (CRQCs) could eventually break public-key encryption methods like ECDSA, which underpin much of today’s digital asset ecosystem, potentially exposing trillions of dollars in value to risk.
A key concern raised is the “Harvest Now, Decrypt Later” strategy, where adversaries stockpile encrypted data to unlock once quantum capabilities mature. The paper stresses that this poses a direct threat to market integrity, investor protection, and the operational security of exchanges and custodians.
The PQFIF recommends a structured transition to quantum-resistant cryptography, built around core pillars such as:
- Automated Vulnerability Assessment (AVA): Identifying exposures in exchanges, wallets, custody systems, and institutional infrastructure reliant on vulnerable public-key cryptography.
- Risk-Based Migration Planning: Prioritising critical systems—including custody solutions under SAB 121 and market infrastructure governed by Regulation SCI—for urgent upgrades.
The SEC is considering the PQFIF as a potential resource to guide future rulemaking, regulatory guidance, and collaboration with market participants. Industry and regulators alike are increasingly recognising the urgency of coordinated responses to quantum risks.
As quantum computing moves closer to practical application, the SEC’s evaluation of the PQFIF could represent a pivotal step toward strengthening the resilience and integrity of global digital asset markets in the quantum era.
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