" ANIMALS IMPORTED PRIOR TO PROHIBITION OF
IMPORTATION.—This Act and regulations issued under
this Act shall not interfere with the ability of any person
to possess an individual animal of a species that was im-
ported legally, even if such species is later prohibited from "

Sounds like they're trying to regulate importation, not ownership. It's not a " Kiss your hobby goodbye " type of thing. If you have snakes, etc. It's not like you will have to give them up. It's still bad, but not as bad as it could be.