Actually nope; it does look as if the 35 year limit applies to licenses since the wording is "licenses and grants", whereas copyright transfers are a separate topic. It requires a grantee, though. Which is like I wrote before.

> Even if there were a doctrine that existing redistributors were grandfathered forever, so they could continue making copies and giving it away, the license would not actually be available to the recipients, who are not existing licensees.

Well, that doctrine is there: if you grant someone a copyright license and they take you up on it, they have 35 years before you can revoke it, in the United States.

It's not clear that third parties continue to have the same privilege after you indicate that the license is no longer available to new licensees.