If it were a perfect world, then the registry would still be open, but I don't think that's realistic. Even the NRA wouldn't back that legislation and it has zero support among lawmakers or the public.
The NFA is just confusing and restrictive enough that most anti-gun voters and politicians leave it alone and that's how I like it. Those that want to own them, even in a lot of unfriendly gun states, can pay their money, jump through some hoops and buy a machine gun. If you're a little light on cash, then it's not much trouble to find a range that rents them. Either one is better than a complete ban.