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I keep wondering on what grounds Preet could have countered. The SAFE act has been upheld by the Second Circuit. Without a SCOTUS ruling, there is no case law he could use to initiate such a case. SAFE IS NOT a violation of the Second Amendment because the courts have said so. If SCOTUS should rule the other way at some future date, and New York refuses to comply as I am sure they will, then there would be grounds. I would certainly expect New York to go the way of DC and make so many onerous licensing, storage and registration rules that owning an MSR will be a right in name only.
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The answer lies in the Obama administration playbook. And Schneiderman's as well. You ignore laws you don't like, set the expectations for subordinates, and file legal attacks.
First and foremost, Bharara could have cut Silver and Skelos a break if they'd admit that they (particularly Skelos) were coerced by Cuomo in the form of threats. That's blackmail. He could have gone after them for racketeering, because SAFE fits the bill for racketeering- introduce a false problem, then offer to solve it at the victims' expense.
Forget about Second Circus Court. Bharara could still enforce 2A as it reads. He could have prosecuted LEOs and others for violation of civil rights. Remember all the anti-black laws down south? Those backed by courts? They got overturned by long-term social changes, but also by hammering LEOs and politicians with legal suits. He could have done what prosecutors often do- throw shit at the wall and see what sticks.
He could have instructed his subordinates: no federal charges for UNSAFE violations. He could have submitted pro-2A amici for UNSAFE cases. He could have gone after those rabid anti-2A politicians we know should be prosecuted, but somehow aren't like Rangle and Sharpton. He could have strengthened and marketed (he's good at marketing) investigations of Flanigan so perhaps the senate would be controlled by someone from Upstate.
But he did none of that. We need a hammer with a bag full of nails behind him to beat 2A into the heads of every politician, LEO, etc. Think of it this way: if we could have prosecuted and removed every politician that enabled or voted for UNSAFE, we wouldn't need any corruption investigations.