A method and system for generating a secret key from joint randomness shared by wireless transmit/receive units (WTKUs) are disclosed. A first WTRU and a second WTRU perform channel estimation to generate a sampled channel impulse response (CIR) on a channel between the first WTRU and the second WTRU. The first WTRU generates a set of bits from the sampled CIR and generates a secret key and a syndrome, (or parity bits), from the set of bits. The first WTRU sends the syndrome, (or parity bits), to the second WTRU. The second WTRU reconstructs the set of bits from the syndrome, (or parity bits), and its own sampled CIR, and generates the secret key from the reconstructed set of bits.