Not a loop hole in the slightest. Just because you Americans don't often take your cars overseas, you think it is "odd" or illegal. But in Europe or Asia or Africa (ie the rest of the world !!!!) where people drive their cars into different countries every day, it is just the way business is done - the visitor may drive his car in the foreign country as long as he remains a visitor. If he stops being a visitor (like he becomes resident) then he has to register his car locally, and to do that the car has to conform to local regulations just the same as it does in the US. I do not find it odd at all.
There is a world outside of USA???? If so, most dumb Americans certainly aren't aware of it
2007 Chili Red Elise
2009 Chrome Orange Exige S260