Tyler and Cameron Winklevoss have reportedly filed paperwork with the New York Department of Financial Services (NYDFS) to obtain a trust company charter for their planned bitcoin exchange, Gemini.

itBit became the first Bitcoin company to obtain the charter two months ago, granting it permission to operate in all 50 states as a fully regulated financial services entity.

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Gemini was unveiled by the twins in January, envisioned at the time to become the first fully regulated bitcoin exchange in the United States. Based out of their Manhattan-based Winklevoss Capital offices, they have hired top talent to build the exchange from scratch.

They are early investors in bitcoin and are bullish on its value as a currency, looking to induce investor confidence in the ecosystem through the introduction of top-notch trading venues.

Reuters, quoting a company spokeswoman, said their application to operate as a trust company was filed on July 21.

Previously, they filed paperwork with the Securities and Exchange Commission (SEC) for their Winklevoss Bitcoin Trust, an exchange-traded fund (ETF) envisioned to track bitcoin prices and which would be traded on the Nasdaq. The application has been pending for roughly two years, its fate now uncertain.

In the meantime, other regulated exchange-traded instruments have popped up, such as Barry Silbert’s Bitcoin Investment Trust (BIT) and Sweden-based exchange traded note (ETN) Bitcoin Tracker One.