The amended rule simply states:
§ 87.195 Prohibition of 121.5 MHz ELTs.AOPA is opposing the rules
The manufacture, importation, sale or use of 121.5 MHz ELTs is prohibited.
The conclusion from the FCC stated:
18. We therefore amend the Commission’s rules to prohibit further certification, manufacture, importation, sale or use of 121.5 MHz ELTs.77 This action is consistent with the Commission’s earlier decision prohibiting the operation of EPIRBs on 121.5 MHz.78 It is also consistent with the efforts of NOAA, other federal agencies, the U.S. military, and private organizations, both domestic and international, to strongly encourage aircraft owners and pilots, training institutions, manufacturers and other aviation industry stakeholders to transition to 406.0-406.1 MHz ELTs.
In reading the complete NPRM (Notice of Proposed Rulemaking) they further state
F. Federal Rules that May Duplicate, Overlap, or Conflict with the Proposed Rules
None.
So even though the FAA permits continued use of the 121.5 MHz ELT, the FCC doesn't see this as being in conflict with their proposed rules.