First of all, holy fucking shit! So many people are going to go bankrupt from this... Not to mention a bunch of young kids who upload to youtube and have no idea what this is! I myself barely heard about it and this is huge!
The video to watch from The Quartering: 
What is going on?
The FTC took YouTube/Google to court and got a huge fine slapped on them, about 190 million USD
Also, all youtube creators will be subject to a new system where they need to check a box on their videos that says "this targets kids" or not for every video(including past videos). Every single video on your channel will need to be reviewed accordingly and stated whether or not "it could be considered to be targeting kids"...
https://reclaimthenet.org/youtube-ftc-lost-ad-revenue-data/
Another good video to watch and the change.org petition here:
Some of the insanity that stands out to me
"the FTC has also said that creators who don’t label their content correctly could be held liable for COPPA violations. TubeFilter says that the fine for such violations can be more than $42,000 per video."
"the FTC wants to broaden the scope of content made for kids. "
Let's also remember that the "guidelines" the FTC is going to put into place are not voted on by elected representatives almost ever(as if that actually matters is another discussion). The FTC does whatever the hell it wants and will continue to expand their reach infinitely.
Any content that can be deemed "content targeting kids" could include sports/gaming/how to videos/podcasting/livestreaming/anything really. it is totally subjective and up to the FTCs determination(good luck winning against an org who can make up their own rules!)