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Cyprus State Scholarship System Faces Governance And Funding Crisis

Since the resignation of former president George Skaliás in March, the Cyprus State Scholarships Institution (IDOHKY) has been operating leaderless, relying solely on its board of directors. Recent testimonies before the Parliamentary Committee on Education have underscored not only pressing financial shortfalls affecting eligible students but also critical issues in operational functionality and intergovernmental communication.

Leadership Vacuum And Operational Disarray

In the absence of a head, concerns are mounting over the institution’s ability to fulfill its mandate. Officials from the Ministry of Finance reported that specific data regarding past arrears and outstanding commitments have been requested repeatedly from IDOHKY, to no avail. This lack of responsiveness fuels broader worries about the institution’s organizational discipline and its capacity to engage in effective communication with government bodies.

Implications For Funding Eligible Students

The Ministry of Finance has acknowledged ongoing issues with funding eligible students and is planning a supplementary budget. The proposed measures aim to ensure that, by January, around 200–300 current students, as well as approximately 340 beneficiaries from the previous year, receive the scholarships they are entitled to. Without these urgent interventions, many students who meet the criteria may miss out on crucial financial support.

Political Backlash And Calls For Immediate Action

Members of parliament have reacted sharply to the situation. AKEL representative Christos Christofidis criticized the institution’s operations, noting that while last year around 965 scholarship recipients were announced, only about 411 will be funded this year due to budgetary constraints. He highlighted that no supplementary budget measures have been implemented this year, leaving many deserving students at risk. Christofidis emphasized that reducing support to 411 students is unacceptable and stressed the need for immediate financial interventions to address these deficits.

Broader Implications For The Nation’s Future

Further criticism came from lawmakers across the political spectrum. DISY member George Karoullas condemned the current state as a degradation of academic excellence and national prestige. Similarly, DIKO representative Chrysantos Savvidis pointed to the harsh reality faced by students from economically disadvantaged backgrounds, whose educational pursuits are jeopardized by the funding shortfall.

The unfolding crisis at IDOHKY not only endangers the future of individual students but also raises serious concerns about the efficacy and transparency of state institutions entrusted with nurturing academic talent. Immediate and decisive action, including the preparation of a comprehensive supplementary budget, is essential to safeguard the nation’s educational standards and maintain public trust in government-managed scholarship programs.

SEC Drops Lawsuit Against Gemini: A Major Turning Point In Crypto Regulation

SEC Dismisses Legal Action Against Gemini

The Securities and Exchange Commission has formally withdrawn its lawsuit against Gemini, the prominent crypto exchange founded by twins Cameron and Tyler Winklevoss. The move follows a joint court filing in which both the regulator and Gemini sought dismissal of the case that centered on the collapse of the Gemini Earn investment product, a debacle that left investors without access to their funds for 18 months.

Settlement And Regulatory Reassessment

In a significant development, a 2024 settlement between New York and Gemini ensured that investors recovered one hundred percent of their crypto assets loaned through the Gemini Earn program. The legal reprieve comes on the heels of actions initiated by New York Attorney General Letitia James, who accused Gemini of defrauding investors.

Political Backdrop And Industry Implications

This dismissal reinforces a broader trend of regulatory leniency toward the crypto sector noted during the Trump administration, which saw the SEC dismiss, pause, or reduce penalties in more than 60 percent of its pending crypto lawsuits. Meanwhile, Gemini’s recent public offering filing underscores its ambitions to solidify its status as a major player in the evolving digital asset market.

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