Makes a lot of sense don't it?
Back in my youth I ran with some (ahem!) wild people, in my travels all over, up and down east coast I found (and seen firsthand) some "amazingly interesting" things.
Merely an example for "NFA = farce" discussion below:
We often pay 10-20 times what an MG is actually worth, try to stay legal and CLEO blessing, pay taxes on NFA, endure MANY months of mental torture to get forms back to our state's C-3, not to mention the long wait on F-4s. If we screw up, try to avoid paperwork or tax, we go to prison for yrs.
"Joey Q. Gangbanger" (ranging from NY-FL) calls his underworld buddies, within hrs, buys F/A M-10 and suppressor, or perhaps AK-47, NO WAITING!!
Mr. Gangbanger pays about what the semi-auto variant costs, and IF caught violating laws, either "cuts a deal" with Feds (for freedom, perhaps working UC for them after that) or serves 1/3 time we would if he doesn't cave in to DOJ.
I've seen raids go down, personally knew the cops who confiscated illegal MGs in drug raids, the criminals are out on the street (usually within 12 hrs) and some STILL under Fed strings 2 decades later, ratting out other people. Veteran officers (experienced in this mess) will tell you the entire NFA is a fraud, if only you could see the things we've seen, some officers served Miami-area FL LE 70's-80's, kept pics and news articles of raids. Also kept news articles where criminals got wrists slapped, back in biz within days, gun and drug running, enough money and political power to cover their dirty habits.
So I ask you, does NFA/GCA make any sense? Only if you want to control hard-working/honest population, and limit what guns they have.