The "gun show loophole" for purchasing weapons is something the Biden administration wants to close

Thursday morning, the Biden administration announced that the Department of Justice has finalized a new regulation mandating that many firearm sellers, who offer their products at gun shows or online, acquire a license and conduct background checks.

Scheduled to become effective in 30 days, the new regulation addresses the exemption of private sales from background checks, which has been a longstanding issue alongside the requirement for licensed gun dealers to perform such checks.

Under the new rule, individuals selling firearms for profit will need to obtain a license and register. The White House emphasized that those who repetitively sell guns of the same or similar make and model within a year of purchase are expected to become licensed dealers.

Enforcement of the regulation will be overseen by the Bureau of Alcohol, Tobacco, Firearms and Explosives. The Biden administration asserts that the rule closes the "loophole" often associated with gun shows.

"If you are conducting business that in a brick-and-mortar store would require you to become a licensed dealer, you have to become a licensed dealer and run background checks," the White House said. "It does not matter whether you are dealing firearms at a gun show, online, in your home, in the trunk of a car, at a flea market, or anywhere else — you must obtain a license and run background checks results. Evidence that a person placed ads online or reserved a table at a gun show shows that the person is intending to profit from the sale."

It's estimated by the Biden administration that approximately 20,000 unlicensed dealers will be impacted by the new regulation.