As most people on earth wouldn't know how to handle that situation, I think they would just watch how governments and big companies handle it and act accordingly.
The free market would want to trade with the ET's, getting better technology and so on.
Governments would want to limit access in order to sell licenses.
The question at this point is: Will the ET's support governments or the free market?
I think that, as most humans still believe in governments, especially in situations of confusion or overextension, the ET's would support governments first in order to stabilize the situation. But with 200+ governments on the planet, it would be a mess.
If I were the ET's, I would establish a council where all the governments of the planet can participate with equal rights, talk about social and legal consequences and work on contracts. This could be done through the United Nations after kicking out the corrupt forces and pedophiles.
But we must see that the authoritarian ET's, if they are still around, would try to muddy the waters to drive the free will ET's out.
Humans need to understand how wars are provoked through false flag operations and prejudice.
We would need an investigation committee or something similar to investigate accusations transparently. But we would also need the media to cooperate so the people are informed accurately.
If I were the ET's, I would propose a public contract encompassing governments and media companies. Some sort of Charter to ensure fair play and informed consent. People who don't want to play fair wouldn't want to join that Charter.