Depends on the particular song - for most of them, you end up sharing the revenue with the copyright holder. That's been the case for a bunch of mine (and others that I know of). No legal issues! You can check the copyright policy ahead of time - YouTube has a great resource through the dashboard for it.
Cover songs and virtual bands
Does anyone know if musicians who participate in a virtual band are liable legally if the producer does not obtain a license for the cover song when it is posted online?
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