Currently it reads:
These two sentences are written in one line, suggesting they are both part of the same effect. Yet I have the feeling the first part is intended as a triggered ability, the second part as a separate static ability. As it is written now it would mean that as a result of this card entering play all Elfs in play (on both sides, as the ability resolves) would permanently gain Ranged (since no duration is specified).When I come into play gain two Victory Points. Other elfs in play gain "Ranged".
Long story short, if it's meant as I think it is, we should separate the two lines, otherwhise I suggest we should clarify it by adding the "permanently" part.