Here's what an FCC fact sheet says on the matter (for cable and sat, not broadcast):
Q: What rules, if any, apply to sexually explicit programming?
A: Section 505 of the 1996 Act states that cable operators, or other multichannel video programming distributors who offer sexually explicit adult video programming or other programming that is indecent on any channel(s) primarily dedicated to sexually-oriented programming, must fully scramble or block both the audio and video portions of the channels so that someone who does not subscribe to the channel does not receive it. Until a multichannel video programming distributor complies with this provision, the distributor cannot provide the programming during hours of the day when a significant number of children are likely to view it.
However, Section 505 was challenged in the courts. On May 22, 2000, the U.S. Supreme Court issued its decision in Playboy Entertainment Group v. U.S. which determined that Section 505 is unconstitutional. Therefore, the Commission's rules implementing Section 505 cannot be enforced.
Looks like they can broadcast anything they want, as long as it is scrambled and subscibed to. Sounds like America to me. So why no money shots? Not that I am a big fan of them, I don't even subscribe to this channel, but I am very curious why this specific exclusion appears to exist and where it originates.