This legislation has been introduced in both the House, as HR-367 with 78 co-sponsors and in apparently duplicate form in the Senate as S-59. Both bills have been referred to their respective Judiciary committees and the House bill will be sent on to the Ways and Means committee when it gets through Judiciary.
This bill has passed before but never made it to the Presidents desk that I'm aware of, that or the expected veto was not considered newsworthy under Obama.
Parallel processing like this should shorten the timeline to passage and this should hit Trumps desk in a reasonable time frame. 2 of the house bills sponsors are from Colorado, but it doesn't hurt to send encouraging e-mails to your congress critters.
The ramifications of the proposed new law would be to treat suppressors like firearms which means that commercially made ones would have serial numbers and home made versions would not. Being fairly easy to make, I anticipate the market becoming saturated with the things fairly quickly and the price plummeting.