SEC Commissioner Jackson Visits WCC
SEC Commissioner strikes up hope for students who gathered to welcome him to Westchester Community College. Students from the Accounting club and faculty gathered at Davis Auditorium at the Gateway Center on November 12 to welcome current SEC Commissioner Robert J. Jackson.
The event was met with school administrators alongside family members of Commissioner Jackson, and started off with commissioner Jackson sharing his life experiences and finding his passion in life. The crowd engaged in applause and laughter as he continued telling his story, much that inspired fellow WCC students. Current WCC student Jose Rivera shared “He’s inspiring” and followed by saying “You don’t get to see many people from a high level position in the federal government very often.”
The event covered many economical subjects including, the 2008 housing market which caused a great economic recession, the importance of striving for passion rather than wealth, and the important of young people investing early in their lives. One prominent question Jackson was asked was his opinion on cryptocurrencies and if they have a place in the current market.
He replied by voicing his concerns on the effect cryptocurrency will have on the market, but made it abundantly clear that it’s not his role as SEC commissioner to tell investors what they can and cannot invest in, he simply wants people to fully understand what their investing in. For those who don’t know what Cryptocurrency is, its a new for of investment that’s uses cryptography for security.
It very different from stocks, bonds, mutual funds and REITs, which tend to be the standard investments for most investors. These investment are back by the federal government and have a level of liquidity to them and vary in risk depending on circumstances. Cryptocurrency on the other hand are digital currency designed to work as a medium of exchange, but are not backed by any real currency recognised by any federal government ultimately making cryptocurrency a very risky investment.
Commissioner Jackson closed by recognising the faults within the SEC and how they could have done things differently to avoid the 2008 economic recession. He expressed full regret in the SEC not catching the signs that lead to many americans losing their homes and assets, and hopes this new administration will due a better job to prevent such a thing from reoccurring.