The US Securities and Exchange Commission (SEC) has received a proposal warning that cryptocurrencies like Bitcoin
$110,905.30
and Ethereum
$4,271.15
could be vulnerable to future quantum computing attacks.
The submission came from Daniel Bruno Corvelo Costa and was addressed to the SEC’s Crypto Assets Task Force.
The document, titled the Post-Quantum Financial Infrastructure Framework (PQFIF), outlines how digital asset systems might defend themselves from quantum computers that could one day crack the encryption methods used to secure crypto assets.
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At the core of the concern is the possibility that quantum machines, once powerful enough, could break the cryptographic tools that keep crypto funds secure.
The proposal noted that current encryption methods protect a huge amount of value, and failure could result in investor losses and disruptions to exchanges and wallet providers.
A concern raised is the strategy known as “Harvest Now, Decrypt Later”. In this scenario, attackers store encrypted data today and wait for future quantum breakthroughs to access it. The PQFIF urged early action before that window of opportunity opens.
The framework recommends regular checks to identify weaknesses in platforms that hold or manage crypto assets. High-value systems, such as centralized exchanges and institutional wallets, should be prioritized.
Once weak areas are found, platforms could begin shifting to quantum-safe algorithms. This would include a mix of current encryption methods and new approaches designed to resist quantum attacks.
Recently, Justin Drake, a researcher at the Ethereum Foundation, introduced a proposal called “Lean Ethereum”. What did it say? Read the full story.
