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The Board of Governors of the Federal Reserve System issued a report to Congress on August 1, 2023, warning of the potential risks posed by quantum computing and generative artificial intelligence to the US financial system. The report noted that quantum computing could render current encryption standards obsolete and that machine learning tools, including generative AI technologies, could be used to automate cyber reconnaissance and attacks. Experts are divided as to when quantum supremacy may be realized, with estimates ranging from 3-10 years to 2048.