Now playing
01:54
McNamee: Facebook's cryptocurrency must be regulated
Shutterstock
Now playing
02:38
FTC antitrust complaint against Facebook dismissed by judge
Getty Images
Now playing
04:16
Emails show frustration over Facebook's handling of election lies
CNN/Getty Images
Now playing
06:01
Facebook VP: We are applying the most severe penalty we have on Trump
Getty Images
Now playing
01:41
Trump suspended from Facebook until 2023
Getty Images
Now playing
02:25
Facebook changes policy on Covid-19 origin claims
Now playing
02:37
Facebook Oversight Board: Indefinite suspension of Trump's account is 'not appropriate'
Facebook Trump board Welker Psaki White House response _00005421.png
Facebook Trump board Welker Psaki White House response _00005421.png
Now playing
01:56
White House responds to question about Facebook's decision on Trump
Now playing
04:11
Facebook decision 'is wait and see,' says former public policy director
ORLANDO, FLORIDA - FEBRUARY 28:  Former President Donald Trump addresses the Conservative Political Action Conference held in the Hyatt Regency on February 28, 2021 in Orlando, Florida. Begun in 1974, CPAC brings together conservative organizations, activists, and world leaders to discuss issues important to them. (Photo by Joe Raedle/Getty Images)
Joe Raedle/Getty Images
ORLANDO, FLORIDA - FEBRUARY 28: Former President Donald Trump addresses the Conservative Political Action Conference held in the Hyatt Regency on February 28, 2021 in Orlando, Florida. Begun in 1974, CPAC brings together conservative organizations, activists, and world leaders to discuss issues important to them. (Photo by Joe Raedle/Getty Images)
Now playing
01:32
CNN correspondent: This is a nightmare situation for Facebook
Facebook
Getty Images
Facebook
Now playing
03:14
More than 500 million Facebook users' personal data leaked online
Energy and Commerce Committee/YouTube
Now playing
02:50
US lawmakers question tech CEOs on misinformation
TOPSHOT - A demonstrator wearing a mask painted with the colours of the flag of East Turkestan and a hand bearing the colours of the Chinese flag attends a protest of supporters of the mostly Muslim Uighur minority and Turkish nationalists to denounce China's treatment of ethnic Uighur Muslims during a deadly riot in July 2009 in Urumqi, in front of the Chinese consulate in Istanbul, on July 5, 2018. - Nearly 200 people died during a series of violent riots that broke out on July 5, 2009 over several days in Urumqi, the capital city of the Xinjiang Uyghur Autonomous Region, in northwestern China, between Uyghurs and Han people. (Photo by OZAN KOSE / AFP)        (Photo credit should read OZAN KOSE/AFP/Getty Images)
OZAN KOSE/AFP/AFP/Getty Images
TOPSHOT - A demonstrator wearing a mask painted with the colours of the flag of East Turkestan and a hand bearing the colours of the Chinese flag attends a protest of supporters of the mostly Muslim Uighur minority and Turkish nationalists to denounce China's treatment of ethnic Uighur Muslims during a deadly riot in July 2009 in Urumqi, in front of the Chinese consulate in Istanbul, on July 5, 2018. - Nearly 200 people died during a series of violent riots that broke out on July 5, 2009 over several days in Urumqi, the capital city of the Xinjiang Uyghur Autonomous Region, in northwestern China, between Uyghurs and Han people. (Photo by OZAN KOSE / AFP) (Photo credit should read OZAN KOSE/AFP/Getty Images)
Now playing
01:16
Facebook: Chinese hackers targeted Uyghurs living in US
Chris, a Trump supporter, reacts to a fact check of a manipulated video shared by the Trump campaign.
CNN
Chris, a Trump supporter, reacts to a fact check of a manipulated video shared by the Trump campaign.
Now playing
03:58
What Trump supporters see on their Facebook feeds
Now playing
02:24
Under questioning, Zuckerberg admits Instagram was a 'competitor'
Facebook's CEO Mark Zuckerberg delivers his speech during the VivaTech (Viva Technology) trade fair in Paris, on May 24, 2018. (Photo by GERARD JULIEN / AFP)        (Photo credit should read GERARD JULIEN/AFP/Getty Images)
GERARD JULIEN/AFP/Getty Images
Facebook's CEO Mark Zuckerberg delivers his speech during the VivaTech (Viva Technology) trade fair in Paris, on May 24, 2018. (Photo by GERARD JULIEN / AFP) (Photo credit should read GERARD JULIEN/AFP/Getty Images)
Now playing
03:21
This is how Facebook kills its competition
New York CNN Business —  

Lawmakers wasted little time making plans to examine Facebook’s cryptocurrency.

The US House Financial Services Committee has scheduled a hearing on Facebook’s Libra for July 17, one day after a planned Senate banking committee hearing on the digital currency. 

Politicians in both the United States and abroad began sounding the alarm just days after Facebook (FB) announced its cryptocurrency plans last week. The company says Libra, which will be managed by an independent nonprofit organization, has the potential to become a universally accepted digital currency that could fundamentally change payment systems and improve financial inclusion. But US regulators want to know what that will mean for the American financial system, as well as consumers and investors. 

Maxine Waters, the Democrat from California who chairs the House Financial Services Committee, released a statement one day after the Libra announcement asking Facebook to halt its development until regulators have a chance to “take action.” On Tuesday, Waters said she is circulating a letter to gain support for her call to pause the project, Reuters reported.

Waters’ Republican counterpart, Ranking Member Patrick McHenry of North Carolina, was also among those calling for a hearing on Libra in the days after its official announcement.

“While there is great promise for this new technology in fostering financial inclusion and faster payments, particularly in the developing world, we know there are many open questions as to the scope and scale of the project and how it will conform to our global financial regulatory framework,” McHenry said in a statement.

Libra is expected to launch in early 2020, and Facebook’s global audience of 2.4 billion positions the currency to quickly gain widespread adoption.

The Senate banking committee hearing will focus on data privacy concerns related to Libra. Given recent user data and privacy scandals at Facebook, lawmakers have expressed concern about the company’s ability to handle safely users’ financial information. To that end Facebook said it will protect customers’ privacy by creating a separate unit within the company, Calibra, to create applications for using Libra. Facebook also said it will not use customers’ financial data for ad targeting. 

The committees have yet to announce who will testify at either hearing.

Facebook has said it is working with regulators across the globe on the rollout of Libra, and that the company looks forward to answering lawmakers’ questions “as this process moves forward.” At a press conference last week, Federal Reserve Chairman Jerome Powell said that Facebook has spoken with the agency about its plans for Libra, adding that he is “not too concerned” about cryptocurrencies affecting central banks’ abilities to carry out monetary policy any time soon.

The House and Senate hearings appear to be part of a larger effort by lawmakers to better understand and begin to create rules around cryptocurrency, a market that has gone largely unregulated for the past decade. The House Financial Services Committee is also set to hold a hearing Tuesday afternoon on regulation of “the fintech revolution” both in the United States and abroad.