As it stands now, streaming a copyrighted work over the Internet is considered a violation of the public performance right. The violation is only punishable as a misdemeanor, rather than the felony charges that accompany the reproduction and distribution of copyrighted material.
The Commerce Department report recommends '[a]dopting the same range of penalties for criminal streaming of copyrighted works to the public as now exists for criminal reproduction and distribution,' adding that '[s]ince the most recent updates to the criminal copyright provisions, streaming (both audio and video) has become a significant if not dominant means for consumers to enjoy content online.' "
What this means is that on streaming websites like Youtube, it will become a felony to cover songs and post copyrighted works.
It wouldn't affect Deviantart or whatever else you're freaking out about. Please share this information with other people that are freaked out or confused.