A recent proposal submitted to the SEC has brought attention to the potential threats that quantum computers pose to digital assets, including Bitcoin and Ethereum. This document calls for urgent protective measures for cryptocurrencies.
SEC's New Initiative to Strengthen Crypto Security
The proposal, authored by Daniel Bruno Corvelo Costa and titled 'Post-Quantum Financial Infrastructure Framework' (PQFIF), outlines a roadmap for transitioning digital assets to quantum-resistant cryptographic standards. It emphasizes the urgent need for action, as without decisive measures, trillions of dollars in crypto assets could be exposed once quantum computers achieve breakthrough capability.
Harvest Now, Decrypt Later Tactics
The proposal highlights the growing concern that adversaries may employ 'Harvest Now, Decrypt Later' tactics, involving the stockpiling of encrypted blockchain data with the hope of decrypting it once quantum systems mature. This strategy has long been discussed in cybersecurity circles and poses a direct risk to institutional exchanges, custodians, and payment processors relying on current cryptography.
Prospects of 'Q-Day' and Potential Consequences
One of the biggest threats outlined in the document is the possibility of a sudden 'Q-Day' scenario, where rapid breakthroughs in quantum computing render current blockchain security obsolete. Experts warn that this could occur as soon as 2028, leading to catastrophic investor losses, liquidity shocks, and a collapse of trust across global crypto markets.
The SEC's proposal underscores the critical need for immediate measures to safeguard crypto assets in the age of quantum technology. The adoption of new cryptographic standards is recommended to mitigate the risk of catastrophic consequences.
