Featuring some of our favorite conversations of the week from our daily radio show "Bloomberg Businessweek Daily."
Hosted by Carol Massar and Tim Stenovec

Hear the show live at 2PM ET on WBBR 1130 AM New York, Bloomberg 92.9 FM Boston, WDCH 99.1 FM in Washington D.C. Metro, Sirius/XM channel 121, on the Bloomberg Business App, Radio.com, the iHeartRadio app and at Bloomberg.com/audio.

You can also watch Bloomberg Businessweek on YouTube - just search for Bloomberg Global News.
Like us at Bloomberg Radio on Facebook and follow us on Twitter @carolmassar @timsteno and @BW

See omnystudio.com/listener for privacy information.

Watch Bloomberg Businessweek Daily LIVE every day on YouTube: http://bit.ly/3vTiACF.

President Donald Trump signed the first federal bill to regulate stablecoins, hailing it as a “giant step to cement American dominance of global finance and crypto technology” and delivering a major victory for the digital asset industry.

“The Genius Act creates a clear and simple regulatory framework to establish and unleash the immense promise of dollar-backed stablecoins,” Trump said Friday at a White House ceremony. “This could be perhaps the greatest revolution in financial technology since the birth of the internet itself.”

The measure sets regulatory rules for US dollar-backed stablecoins, including a requirement for firms to hold dollar-for-dollar reserves in short-term government debt or similar products overseen by state or federal regulators. Advocates see it as allowing for the broader adoption of digital assets in finance. Senior Treasury officials who briefed reporters on the bill earlier Friday on condition of anonymity said it would provide more certainty to stablecoin issuers, allow for innovation in and adoption of digital assets and help extend the dominance of the US dollar. They said it would provide issuers with strict requirements for backing stablecoins with cash or short-term Treasury debt.

Today's show features:

• Frank Speiser, CEO of Metafide on “Crypto Week” and the US Congress passing the first federal legislation to regulate stablecoins
• Katie Hubbard, EVP of Capital Markets for Walton Global on housing data and the US real estate market
• Bloomberg News White House Editor Jordan Fabian with the latest from the White House including and President Trump seeking the release of grand jury testimony from the prosecution of Jeffrey Epstein
• Gerard Cassidy, Head of US Bank Equity Strategy and Large Cap Bank Analyst at RBC Capital Markets with a recap of this week’s financial sector earnings

See omnystudio.com/listener for privacy information.

A few years ago, Tiffany & Co. began offering a limited edition Patek Philippe Nautilus 5711 with a dial in the jeweler’s signature robin’s-egg blue. Patek crafted 170 of them, a tribute to the number of years the brands had worked together. Tiffany’s hope was that the buzzy timepiece would help attract – and retain – high-end shoppers who weren’t already regular customers.

Yet the Blue Dial — as it became known — was never for sale in the traditional sense. Demand was so high that Tiffany executives, including Americas head Christopher Kilaniotis, realized clients would be willing to spend millions of dollars on other jewelry for the chance to buy the coveted watch, which was priced at $52,635.

Bloomberg News consumer reporter Jeannette Neumann details the fallout after salespeople at the iconic jeweler were reportedly instructed to guide wealthier patrons toward spending $2 million to $3 million with no guarantee of access to the coveted timepiece. Jeannette speaks with Tim Stenovec and Norah Mulinda on Bloomberg Businessweek Daily.

See omnystudio.com/listener for privacy information.