Actually, that's not the case at all. Here's the quote directly from the ATF's site:
Quote:
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The Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) has received requests to exempt certain projectiles from regulation as armor piercing ammunition under 18 U.S.C. 921(a)(17)(B)(ii) of the Gun Control Act of 1968.
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You can read the whole thing
here.