Executive orders would be over the top.
It would have to be legislation passed the old fashioned bipsartisan “imperfect deal” way.
Any give backs or cave ins by Republicans and their “leaders” like Boehner would in and of itself light a fire.
I would like to believe it will unfold the way you indicate, which is indeed the normal way for important law-making to take place in the USA.
However, Executive Orders seem to be the heart of the agenda of the Marxists: see WAPO strategy outline in this article re how the 2nd Amendment and R2KBA will be infringed. The contemplated action is ipso facto illegal.
The Senate will have a bill to ban assault weapons per Diane Feinstein.
It seems an effort is also underway to co-opt gun vendors, similar to the way the AMA and AARP was hoodwinked with ObamaCare.