I would copy paste the comment from the
TTAG article by Dean Weingarten.
The short version is that Obama has asked the ATF to get rid of NFA trust benefits. The trusts allow you to bypass getting permission from the local LEO chief, and the fingerprint card requirement. Trusts also allow friends, family, and any other person you put into the trust to posses the NFA item when you are not present.
Key points: Arbitrary LEO may issue. Never has been a NFA related crime. The NFA application has a 6-9 month backlog, this change would double the workload and increase the backlog. Most tax stamps for NFA items are benign, barrel length, and sound mufflers. The current process is something criminals have never tried to use, and never will.
Edit to add: In related news
HR3478 Knife Owners’ Protection Act of 2013 would allow people to travel with knives if they are legal where they started and are headed. Just like the FOPA of 1986.