Which is why fiat conversion will eventually be heavily regulated. People forget private gold ownership was illegal for decades of the 20th century.
It is still illegal in some countries. E.g Italy I know it goes back and forth between making it legal/illegal. I’d also argue that it is already heavily regulated- you need to give any fiat exchange ur docs. Loopholes with exchanges based in weird island territories will always exist.
Cryptocurrency is good for that. Bitcoin had a $28 AVERAGE transaction fee for the day four days ago. It is worthless for anything except for off chain speculation. No other crypto currency has this problem since this was done intentionally to cripple bitcoin.