The US Govt considers encryption a form of weapons tech so that it falls under Munitions Exports Controls (see https://en.wikipedia.org/wiki/Export_of_cryptography_from_th...). But the proposed law doesn't outlaw private use of encryption, only potentially outlawing corporations from offering it, so I don't know the 2nd Amendment would really apply.

The US courts seem to agree that encryption software are protected under the 1st amendment. See https://en.wikipedia.org/wiki/Bernstein_v._United_States

If encryption is considered a form of arms, it does appear that there is case law that grants sellers of arms some constitutional protections - quick article at https://harvardlawreview.org/2014/04/does-the-second-amendme....

I think, at this point, one could successfully argue that the proposed law follows 'reasonable regulation' and so protections aren't afforded. But it would be an interesting discussion.