There's no reason why a balisong should be banned. Why, I can open my Endura faster than most balisongs.... I think. Unfortunately, due to the genius of our lawmakers, I can't compare. However, a wave should be faster, IMO. Anyways, aside from that, a balisong is a knife. It's no more dangerous than another folding knife, just more flashy. 
Maybe I can see switchblades, because they open too "fast", but still. Fixed blades open faster.
A knife is a knife, unless it's a ballistic knife. No reason to have special restrictions on certain types of knives. Honestly, I wish the second amendment could have been written better, to allow more freedom. But then again, I guess they didn't even think of knives then, since everyone who had pants had a knife.
Carry a sharp knife, and life will never be dull