I think Lon's got it right: The "arms" refered to in the 2nd amendment are the sort of small arms issued to infantry.
The other issue, of course, is that there's nothing in the Constitution which gives the federal government the authority to ban ANYTHING. Banning things isn't one of Congress's enumerated powers, and per the 10th amendment, Congress doesn't have any other powers.
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Sic semper tyrannis!
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