And, ironically, the law was made in the same decade that the ESRB even became a thing. It hasn't been amended since its ratification into law in 1998.
The law is stupid. But how it will apply to Youtube is a grey area that Youtubers in general are freaking out about because Youtube's policy changes are so vague. They say that you have to deem whether your content is made for kids or adults, and then say, "oh by the way, you could be fined by the FCC if you mislabel it," and offer zero explanation or guidelines for what "made for kids" even means.
My channel's videos are all based on anime and videogames, so I could technically fall under "for kids". But we say bad words, write adult scripts and our analytics show that kids under 13 make up less than 1% of our total audience.
It's scaring gaming channels the most because kids watch them all the time, but they weren't made explicitly for kids. They were made for adults, and kids have access to it.
Well, that and channels actually for kids, since they're losing at least half their monetization and basically every other perk of Youtube overnight. That **** sucks. **** Youtube.