All you hold is a simple set of numbers and letters that give you the ability to move some numbers around on a global ledger.
Very similar to the simple set of numbers which have controlled secret bank accounts in Switzerland for so many years.
This will be good for Bitcoin as it will generate publicity and then discussion between people who might not have heard about Bitcoin until Mr Schwab decided to do a PR job for it. Keep up the good work Schwab!
This is largely correct. I think the good PR will be a benefit to Bitcoin - any law against will do almost nothing.