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I thas been legal to own a machine gune for quite some time. There are just immense hoops to jump through to own them legally. The interstate commerce thing, from what I recall, was the justification for a number of regulations created around that time. In essence, it refers to the idea that Congress can pass any law dealing with interstate commerce as that is its' primary bailiwick, or at least somesuch tomfoolery. It was, from what I recall, a fairly loose justification, in my opinion.
Been a while since I read the history of the ban, so my advice it to read it yourself. I'm likely off.
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