Let $K$ be a field, for simplicity algebraically closed of characteristic $0$. Let $G$ be a reductive group over $K$.
Def. A finite-dimensional $K$-algebra $R$ is an enveloping algebra for $G$, if $R^{\times} \cong G$ as algebraic groups over $K$.
[Since $R$ is a finite-dimensional $K$-vector space, being invertible in $R$ is an algebraic condition, so I denote by $R^{\times}$ the algebraic group of units of $R$.]
Question: What is known about the existence of an enveloping algebra for general reductive groups?
For example the matrix algebra $M_n$ is an enveloping algebra for $\mathrm{GL}_n$. As of 2020-02-22 I don't know of any other examples. We know, that if an enveloping algebra exists, then $G$ is not simple.
Application. Let $R$ be an enveloping algebra for $G$. Then $$ \mathrm{Hom}_{K\text{-}\mathrm{Rings}}(K[\Gamma], R) = \mathrm{Hom}_{\mathrm{Groups}}(\Gamma, G(K))$$ for all groups $\Gamma$.
A kind of converse to this statement is also true, so precisely the enveloping algebras for $G$ can be used to linearize representations.
Enveloping algebras in this sense don't always exist. In particular, no simple algebraic group has an enveloping algebra.
Let $A$ be a finite-dimensional $k$-Algebra and $J(A)$ its radical. $J(A)$ is Zariski-closed in $A$ and hence $1+J(A)$ is Zariski-closed in $A^\times$. Now as a variety, $1+J(A)$ is isomorphic to $J(A)$ which is connected, as $J(A)$ is a sub vector space of $A$.
We have a short exact sequence $1 \to 1+J(A) \to A^\times \to (A/J(A))^\times \to 1$
This shows that if we assume that $A^\times$ is a simple algebraic group, then $1+J(A)=1$ and $A^\times \cong (A/J(A))^\times$. By Artin-Wedderburn $A/J(A)^\times$ is a product of copies of $\mathrm{GL}_n$ for varying $n$ which is never simple.