Crypto companies are grappling with the question of whether tokens can be considered securities in the US, with Ripple already spending over $200 million on defense costs after being sued by the SEC for selling XRP tokens as an unregistered security. Meanwhile, the Arbitrum Foundation plans to reward Ether tokens worth over $6 million to holders of its ARB token, which has raised concerns about the classification of ARB tokens as securities. In other news, a new blockchain network called Canton, built on Digital Asset's smart contract language Daml and backed by Microsoft and Goldman Sachs, is being developed for companies working with institutional assets. Additionally, cryptocurrency trading platform Bittrex has filed for Chapter 11 bankruptcy protection following SEC charges and claims from the US Treasury's Office of Foreign Assets Control.