but the law said what its composed of, not what its capable of:
Under Title 18, UNITED STATES CODE, CHAPTER 44 as amended by Public Law 103-322
The Violent Crime and Law Enforcement Act of 1994 (enacted September 13, 1994) 18 U.S.C. CHAPTER 44 § 921(a)(17)(B) the term 'armor piercing ammunition' means --
(i) a projectile or projectile core which may be used in a handgun and which is constructed entirely (excluding the presence of traces of other substances) from one or a combination of tungsten alloys, steel, iron, brass, bronze, beryllium copper, or depleted uranium; or
(ii) a full jacketed projectile larger than .22 caliber designed and intended for use in a handgun and whose jacket has a weight of more than 25 percent of the total weight of the projectile.
(C) The term 'armor piercing ammunition' does not include shotgun shot required by Federal or State environmental or game regulations for hunting purposes, a frangible projectile designed for target shooting, a projectile which the Secretary finds is primarily intended to be used for sporting purposes, or any other projectile or projectile core which the Secretary finds is intended to be used for industrial purposes, including a charge used in an oil and gas well perforating device.
§ 922(a) It shall be unlawful --
(7) for any person to manufacture or import armor piercing ammunition, except that this paragraph shall not apply to --
(A) the manufacture or importation of such ammunition for the use of the United States or any department or agency thereof or any State or any department, agency, or political subdivision thereof;
(B) the manufacture of such ammunition for the purpose of exportation; and
(C) any manufacture or importation for the purpose of testing or experimentation authorized by the Secretary; and
(8) for any manufacturer or importer to sell or deliver armor piercing ammunition, except that this paragraph shall not apply to --
(A) the sale or delivery by a manufacturer or importer of such ammunition for the use of the United States or any department or agency thereof or any State or any department agency, or political subdivision thereof;
(B) the sale or delivery by a manufacturer or importer of such ammunition for the purpose of exportation;
(C) the sale or delivery by a manufacturer or importer of such ammunition for the purposes of testing or experimenting authorized by the Secretary.
(b) It shall be unlawful for any licensed importer, licensed manufacturer, licensed dealer, or licensed collector to sell or deliver--
(5) any firearm or armor-piercing ammunition to any person unless the licensee notes in his records, required to be kept pursuant to section 923 of this chapter, the name, age, and place of residence of such person if the person is an individual, or the identity and principal and local places of business of such person if the person is a corporation or other business entity.
§ 923
(a) No person shall engage in the business of importing, manufacturing, or dealing in firearms, or importing or manufacturing ammunition until he has filed an application with and received a license to do so from the Secretary... Each applicant shall pay a fee for obtaining such a license to do so from the Secretary... Each applicant shall pay a fee for obtaining such a license, a separate fee being required for each place in which the applicant is to do business, as follows: