In this paper, we show how a recently introduced $λ$-calculus for randomized computation, called $λ\mathbf{BLL}$, can accurately capture the notions of first- and second-order polytime computations used in cryptographic definitions and proofs. These results, spelled out in the style of so-called \emph{implicit computational complexity}, imply that $λ\mathbf{BLL}$ is sufficiently powerful to express experiments and adversaries as used in cryptography, and that reductions, when formulated within the calculus, are guaranteed to be complexity-preserving. Remarkably, while polynomial-time soundness holds for the full calculus, polynomial-time completeness already follows in presence of a minimal finite set of basic functions.

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