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.
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.