1. This law indicates that the AARO (All-domain Anomaly Resolution Office) should no longer focus on the equivalent of UFOs A/B/C but on the equivalent of UFOs D. Any case that is explained or potentially explainable should be taken out of the AARO and become the responsibility of other agencies. The Senators want to avoid another round of meaningless reports about undefined points, balloon probes or Chinese quadcopter drones - perhaps that is why the "Halloween report" did not arrive on time... and has still not been sent to Congress!
2. AARO should no longer deal only with flying anomalous objects, but with underwater, and space anomalous objects. One of the "A's" of AARO and the "A" of UAP has just changed in this respect. It no longer stands for "Aerial" but for "Anomaly" to cover all cases - they will no longer be able to ignore what happens in orbit or around submarines.
3. AARO no longer has to investigate only new cases that are referred to them, they also have to trace and audit the big UFO cases back to January 1, 1945 (something made the senators change their minds from initially indicating 1947, the year of the supposed Roswell crash - the "Trinity crash" and DoE involvement? Go figure.
4. The last point of the law is a well-targeted shot at the highly secretive US Air Force and private firms of the military-industrial complex of "black programs" such as Lockheed: the protection of witnesses and whistleblowers. Witnesses and whistleblowers, even if they have participated in illegal covert programs, will have immunity if they testify in Congress - this aspect of the law is huge.
Some say that the law is so well directed and designed to avoid the usual off-the-cuff responses that it was cooked up wisely because Congress (rather, the members of the Congressional Intelligence Oversight Committees) discovered and understood that they had been lied to to the hilt, and as Jacques Vallée puts it, "They know that wrecks of unknown devices and bodies of non-human entities have been recovered and illegally taken away".