It is bad news for all. A commodity is not treated as currency in terms of taxes and easiness of trading, thus if this is confirmed we will be exposed to a higher taxation level.
But this is also good news, it means the recognition of bitcoin. So if we could use it with easy taxation, it would be much easier and better, but still step.
I agree. This is a good news imo. Any recognition is better than none. Besides, we can expect that the SEC will not be rejecting Bitcoin ETFs with previous persistence.
In theory, as a commodity, from a regulatory perspective, bitcoin could be treated like gold or oil, and have ETFs built around it much like the physical commodity SPDR Gold Trust (GLD) or the futures-based commodity ETF, the U.S. Oil Fund (USO).
As for other altcoins, I'd say it'll take some time, a year or maybe more, before they turn their attention to any of them. One can say, they are really slow in making decisions, if the recognition of Bitcoin has taken so long.