This sounds not that much different from the "Smart Gun" technologies. In fact one state,New Jersey has had the "Smart Gun Law since December 2002" . It doesn't use GPS but rather a chip of some type.
http://en.wikipedia.org/wiki/Smart_Gun
New Jersey: On May 18, 2000, the Republican-led NJ State Senate overwhelmingly passed what was called, “The Childproof Handgun Bill.” The bill was sponsored by Ceasefire, NJ in 1998. But finally gained traction when the New Jersey Million Mom March (
www.millionmommarch.org) made this bill its top legislative priority in the fall of 1999.
It would take another two years for the NJ State Assembly to pass it before it was signed into law in December 2002. The newly enacted law meant that New Jersey became the first state to enact smart gun legislation.[15]
The “smart gun" legislation that would eventually require new handguns to contain a mechanism that allows only their owners to fire them. The law will not go into effect immediately because the technology is still under development and it could be years before it becomes a reality. But supporters, including the New Jersey Million Mom March, hailed it as an important milestone in the campaign to reduce handgun deaths.
Under the New Jersey law, the technology will be required in all new handguns sold three years after the state attorney general determines a smart gun prototype is safe and commercially available. Weapons used by law enforcement officers would be exempt.
The above is from wiki so it is OK to reproduce per
http://en.wikipedia.org/wiki/Wikipe...s_Attribution-ShareAlike_3.0_Unported_License