I think the "loophole" is people that bring a gun to the gun show they intend to resell.
There is no loophole. Federally-licensed dealers are required to do Federal background checks on a sale, private citizens are not. "loophole" is media-speak to try to inure the public to go for full nationwide registration. (The first step towards ban and confiscation, a fact that our founders were well aware of, and why the 2nd am. was created by them, our first Government, in the first place.)
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