So that's what the em dashes are for...
Seriously though, you can't imperceptibly watermark plain text in an useful way, there just isn't enough content or noise to hide in compared to images. Certainly not in a way that can survive being edited, fragmented and reworked.
Can you potentially watermark copy A vs copy B for traceability of a large enough text? Yes. But that's a different game. As is watermarking printed text.
Now you might be able to have slop that's 'obviously' LLM output (we've all seen it) but that's not watermarking, it's just badly generated.
This sounds like wishful thinking and pointless obstruction on the legislative side, empty tokenism on the implementation side, and the poor old customer gets crappier output for no real benefit to anyone.