Topological K-theory is one of the classical motivating examples of a commutative ring spectrum, and it has a natural equivariant generalization. The equivariant structure here has the strongest possible type of compatibility with the multiplication, making K-theory an example of a ``genuine-commutative" ring spectrum.  There's quite a lot of structure involved here, so in order to understand it, we employ a classic strategy and rationalize.   After rationalizing, we can use algebraic models due to Barnes--Greenlees--Kedziorek and to Wimmer to show that all of the additional ``norm" structure is determined by the equivariant homotopy groups and the underlying multiplication.  This is joint work with Christy Hazel, Jocelyne Ishak, Magdalena Kedziorek, and Clover May.