IMHO what everyone thinks of when you say 'regulate' is 'ban', and it doesn't necessarily mean the small things.
Regulation means adding legislation and requirements for ownership:
You must carry X amount of insurance for liability, etc. For each type of round....the more ammo you own, type, etc. The higher the premium.
Don't have insurance? Thats probable cause for a search warrant and confiscation of any firearms in your home/work, etc. And a ban on you owning firearms.
Manufacturing ammo or ammo making supplies? Thats a hefty insurance premium as well, and it should be hefty to weed out individuals.
Licensing for ammo making and supplies should require courses (expensive) annual regulatory fees, oversight and limitations on quantities produced every year.
I'm sure there are more hurtles that can be thrown up there, but the current administration has proven that regulations don't mean shit (unless, of course, you mean cyclospora).