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The video lays out the basics of what Lee has in mind, which includes prohibiting the sale of videogames containing "gambling mechanisms" to anyone under the age of 21. That restriction would cover any situation in which players are purchasing a "percentage chance" to get an in-game item, rather than the item itself, and would apply not just to games sold at retail but also those available via digital distribution channels like Steam and GOG—a relevant point because ESRB ratings are not mandatory for digital storefronts.
Lee also expresses concern about game publishers who adjust the odds of various items dropping in loot boxes in order to take advantage of people who really want them. He acknowledges that his information is third-hand and unverified (and I've only ever heard of the opposite happening, in the form of "pity timers" that increase the odds of a good drop the longer a person goes without one), but nonetheless does a pretty good job of making it sound like an all-but-established fact.
Once the algorithm identifies a player who's likely to keep spending money to buy that one 'unicorn thing' that they're after ... then they lower the odds and then you keep spending more," he says in the video. "It's absolutely unethical and unfair."
As a result, he's also seeking an "accountability piece" of legislation to ensure that behind-the-scenes drop-rate shenanigans doesn't happen, which would presumably require publishers to reveal loot box drop rates odds—something similar to the step taken late last year by China.