Sounds like FUD
If you read the amendment here http://thomas.gov/cgi-bin/query/z?c112:S.978:
It updates this http://www.law.cornell.edu/uscode/718/usc_sec_18_00002319---...
Which references this http://www.law.cornell.edu/uscode/html/uscode17/usc_sec_17_0...
which then says the following
(A) for purposes of commercial advantage or private financial gain;
(B) by the reproduction or distribution, including by electronic means, during any 180–day period, of 1 or more copies or phonorecords of 1 or more copyrighted works, which have a total retail value of more than $1,000; or
(C) by the distribution of a work being prepared for commercial distribution, by making it available on a computer network accessible to members of the public, if such person knew or should have known that the work was intended for commercial distribution.
Basically, if you don't profit from it, you're cool so YouTube is safe.