In August 2024, NIST submitted the draft standards for FIPS 203 through 205, standardizing the post-quantum key exchange mechanism ML-KEM as well as the post-quantum digital signature algorithms ML-DSA and SLH-DSA.

The post-quantum digital signature algorithm FN-DSA, based on the FALCON signature scheme, was not standardized with these, as the details of its construction required extra care. At the time, NIST stated that FN-DSA was expected to be standardized in late 2024.

During a presentation as part of the NIST PQC Standardization Conference, FIPS 206 was noted as “still under development” as of September 24, 2025.

This market resolves as YES if and only if NIST publishes an official draft of FIPS 206 on their website (https://csrc.nist.gov) prior to midnight on January 1, 2026.