A couple big things happening for Winklevoss in my opinion.

1. CFTC officially declares bitcoin a commodity. Useful for the ETF because a couple times the Winklevoss' said the SEC is debating how to classify it. And they are following the structure of the gold etf (which is a commodity as well)

2. Bitlicenses starting to be issued. If Gemini gets one, they can launch the exchange.