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I think this is a good development. These are measureable characteristics of your self. You should be able to take you own data and run it through any analysis you want to. Yes, people are going to do stupid things with this information, but they now have the opportunity to better understand it's merits, and well-informed choices and the services that enable them, will arise.
I honestly prefer this aspect, of a formal regulation agency approving tests that have decent support for them. You can already download your SNP data from 23andme and run it through the genetic gauntlet with other services, but this adds convenience and separates the well-supported from the less-well-supported associations out there.