A point of view, published before there is a consensus to borrow.
Google paid a reported $2.7 billion to get Character.AI's founders back without buying Character.AI. Now Disney is doing the same thing for $20 million, in bankruptcy court.
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We are watching how the securities/commodity line is drawn in practice instead of waiting for a single bright-line standard. For ventures, that means keeping the offering record clean and the facts well documented, so that a later reviewer can follow the analysis and need not reconstruct it. We have represented clients in matters before the SEC, the CFTC, and the IRS, and we read these signals early.
We are following how regulators and payers treat compounded supply, telehealth prescribing, and longevity-adjacent claims. Medspa, telehealth, and supplement operators should build a defensible sourcing and substantiation record now, while no inquiry is pending.
We are watching the direction of ownership-disclosure and information-exchange regimes across multiple jurisdictions. Family-office and holding structures assembled in an earlier era are worth re-papering while the change is still optional and before it becomes overdue.
As more legislatures act, we are watching how financial-services access and cross-border movement evolve. Multi-state operators should revisit their licensing, banking, and corporate-structure assumptions, because last year's map may already be out of date.
Reviewed October 2026 · Not legal advice. Radar items are desk observations, and where one names a public development its primary source is linked. Open the full Frontier Radar →
A short, infrequent dispatch from the desk, with the Frontier Radar alongside. We publish only when something matters, and you hear it from us first.