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Pretty sure you had a reason for this design but I still cannot figure out why not PyObject* get_running_loop().

The function returns a loop, Py_None if loop not found and NULL on error.
Incref/decref of Py_None is instant and relative rare -- we assume the function is called mostly from coroutines.

The signature looks more native to C Python developer -- almost never API call used pointer for storing result but most of them returns PyObject*.