US Launches Quantum-Readiness Task Force Amid Crypto Risks

The US Treasury Department has launched a task force to address potential risks from super quantum computers and theoretical attacks on financial systems. The Quantum-Readiness Task Force will focus on traditional finance, digital assets, and emerging technologies.

Treasury Secretary Bessent emphasized the need for the US to lead in securing its economy's technological advancements. She stated that the task force aims to ensure the country's financial system remains secure and competitive as new technologies reshape the global landscape.

Cristiano Ventricelli, Vice President of Moody's Digital Economy Group, agrees with the Treasury's decision. He notes that digital assets are increasingly viewed as strategically relevant to US financial innovation and competitiveness, but advances in quantum computing could eventually weaken their cryptographic protections.

Ventricelli warns that a sufficiently capable quantum computer could compromise transaction authorization, asset ownership, and custody arrangements, potentially undermining market confidence.