New Treasury task force will help financial sector prepare for quantum transition
The Treasury Department is pushing the financial industry toward a fast-approaching cryptographic future, announcing the launch of a task force aimed at accelerating the sector’s transition to quantum-safe technology.
The Quantum-Readiness Task Force is a public-private initiative that aligns with President Donald Trump’s June quantum executive order, which attempted to lock in guidelines to bolster cryptographic protections for sensitive U.S. data, critical infrastructure and the broader digital economy.
“America must lead in securing the technologies that power our economy,” Treasury Secretary Scott Bessent said in a press release Monday. “This Task Force will help ensure our financial system remains strong, secure, and competitive as new technologies reshape the global landscape.”
According to the Treasury Department’s press release, the task force was constructed with an eye on securing American innovation while also boosting supply chains and cementing U.S. leadership in emerging technologies.
The group will be guided by a quantum roadmap released in January by the G7 Cyber Expert Group, a collaboration between Treasury and the Bank of England. That roadmap laid out how the financial sector could make the shift toward quantum-safe technology “in an orderly and operationally resilient manner.”
Luke Pettit, Treasury’s assistant secretary for financial institutions, said in a statement that the task force will ensure the transition is well-coordinated and takes risk into account.
“Quantum computing holds significant promise, but it also presents a serious long-term challenge to the cryptographic tools that underpin the U.S. financial system,” he said. “ By bringing together government and industry to lead the transition to quantum-safe finance, the U.S. will strengthen trust in its financial system and reinforce its economic and national security.”
Members of the task force will include representatives from government, financial institutions, financial market infrastructures, tech providers and other industry leaders. The group will run through three workstreams: Sector Alignment & PQC Transition, Third-Party & Vendor Readiness, and Digital Assets & Emerging Technology Risk.
According to Treasury, the task force’s “risk-based approaches to quantum readiness” will include the identification of critical dependencies and how to improve cryptographic agility. There’s also plans to promote interoperability, strengthen operational resilience and assess challenges tied to implementation, particularly those connected to third parties and digital assets.
Deborah Guild, chair of the Financial Services Sector Coordinating Council and head of Technology at PNC Financial Services Group, Inc., said in a statement that the task force will make sure industry is prioritizing the right systems and processes for the quantum revolution, and is able to manage dependencies and be prepared for potential implementation issues.
“Post-quantum cryptography readiness is no longer a future-proofing exercise—it is a present-day risk control,” she said. “This task force sets the conditions for industry and government to align priorities and accelerate the transition to post-quantum cryptography.”
