The kicker in the Feinstein proposal is requiring all existing "assault weapons" must be registered under the NFA.
What I see happening is that the vast majority of applicants will be found to be not eligible for some reason. At that time the weapon will be forfeited. It is a back door method of confiscating the grandfathered weapons.
As a retired Army Officer whose duties involved threat assessments of terrorist, I wrote papers which detailed a variety of potential actions. These assignments make me a threat per DHS.
Does this disqualify me from owning a grandfathered rifle?