scale can "present new concerns" — they can disturb financial and monetary stability. United States regulatory response US regulators and politicians expressed concerns within hours of the mid-2019 announcement. Maxine Waters, Chairperson of the United States House Committee on Financial Services Committee asked Facebook to halt the development and launch of Libra, citing a list of recent scandals and that "the cryptocurrency market currently lacks a clear regulatory framework". The U.S. House Committee on Financial Services Democrats sent a letter to Facebook asking the company to stop development of Libra, citing concerns of privacy, national security, trading, and monetary policy. Jerome Powell, chairman of the Federal Reserve, testified before Congress on 10 July 2019 that the Fed had "serious concerns" as to how Libra would deal with "money laundering, consumer protection and financial stability." President Donald Trump tweeted on 12 July 2019 that "If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations." US regulators contacted Visa, PayPal, Mastercard and Stripe, asking for a complete overview of how Libra would fit into their anti-money-laundering compliance programs. Since several participants left the project in late 2019, the Libra Association has been working to address concerns from United States regulators with the development of a "Libra 2.0" blueprint. According to CNBC, in 2021, Diem reportedly withdrawn its application for a Swiss payment license, intending to instead move its activities to the United States. Diem announced that it would relocate its operating headquarters from Geneva to Washington with an intend to establish its payment system from the United States. Other countries David Marcus told the US Senate that the Swiss Federal Data Protection and Information Commissioner would oversee privacy for Libra, but the commissioner said that it had not heard from Facebook at all. The government of Japan has begun the process of investigating Libra and doing an analysis on the effect on Japan's monetary policy and financial regulation. In July 2019, Japanese officials formed a working committee, consisting of the Bank of Japan, the Ministry of Finance and the Financial Services Agency, to coordinate policies to address Libra's impact on regulation, monetary policy, tax, and payments settlement. The working group will coordinate measures to handle Libra's influence on regulation, monetary policy, tax, and payments settlement. This will be done before the Group of Seven meeting in France between