Yeah it is. He got a couple of things 'wrong' in his rant though. It's not "inadvertent" and politicians aren't "out of touch with reality", they know exactly what this will do because the lobbyists have told them what will happen if they don't change the law (he did suggest that in passing, heh)

There was one slight error though, I need to double check this but the penalties aren't based on
uploads per-say but rather the number of 'broadcasts' - that's the whole point about this bill, it's all about penalising what the language refers to as "public broadcasts" and that's defined as views/people iirc.
There's also this. Although he didn't mention this (as he's American), the European Union is also quietly working on something similar - I've not yet researched it but I have seen one or two references to it. The whole thing is pretty much part of this whole United Nations overhaul on International Copyright that protects those with the deepest pockets and sadly, it's not a 'conspiracy theory' either.
It's all pretty nasty stuff.