diff --git a/package.json b/package.json
index d997c08..af5cacc 100644
--- a/package.json
+++ b/package.json
@@ -54,7 +54,7 @@
     "@types/elliptic": "^6.4.14",
     "@types/jest": "^28.1.6",
     "@types/json-rpc-random-id": "^1.0.1",
-    "@types/node": "^16",
+    "@types/node": "^18.19.130",
     "@typescript-eslint/eslint-plugin": "^5.43.0",
     "@typescript-eslint/parser": "^5.43.0",
     "depcheck": "^1.4.3",
@@ -73,7 +73,7 @@
     "ts-jest": "^28.0.7",
     "ts-node": "^10.7.0",
     "typedoc": "^0.23.15",
-    "typescript": "~4.8.4"
+    "typescript": "~5.5.4"
   },
   "peerDependencies": {
     "@metamask/error-reporting-service": "^2.0.0",
diff --git a/tsconfig.json b/tsconfig.json
index 7483086..3b82267 100644
--- a/tsconfig.json
+++ b/tsconfig.json
@@ -4,8 +4,8 @@
     "exactOptionalPropertyTypes": true,
     "forceConsistentCasingInFileNames": true,
     "lib": ["ES2020", "DOM"],
-    "module": "CommonJS",
-    "moduleResolution": "node",
+    "module": "Node16",
+    "moduleResolution": "Node16",
     "noEmit": true,
     "noErrorTruncation": true,
     "noUncheckedIndexedAccess": true,
diff --git a/yarn.lock b/yarn.lock
index 758edef..bef867e 100644
--- a/yarn.lock
+++ b/yarn.lock
@@ -1215,7 +1215,7 @@ __metadata:
     "@types/elliptic": ^6.4.14
     "@types/jest": ^28.1.6
     "@types/json-rpc-random-id": ^1.0.1
-    "@types/node": ^16
+    "@types/node": ^18.19.130
     "@typescript-eslint/eslint-plugin": ^5.43.0
     "@typescript-eslint/parser": ^5.43.0
     await-semaphore: ^0.1.3
@@ -1239,7 +1239,7 @@ __metadata:
     ts-jest: ^28.0.7
     ts-node: ^10.7.0
     typedoc: ^0.23.15
-    typescript: ~4.8.4
+    typescript: ~5.5.4
   peerDependencies:
     "@metamask/error-reporting-service": ^2.0.0
     "@metamask/network-controller": ^24.0.0
@@ -1718,10 +1718,12 @@ __metadata:
   languageName: node
   linkType: hard
 
-"@types/node@npm:^16":
-  version: 16.18.76
-  resolution: "@types/node@npm:16.18.76"
-  checksum: 8486668c32f0c77a559ad11549192abb1779816a8bf39e7b6679bfeefe792fbd4920f7f9f75ab1518972deb1c31fbf4ed301bd89fc47a3a124875f5092a2b080
+"@types/node@npm:^18.19.130":
+  version: 18.19.130
+  resolution: "@types/node@npm:18.19.130"
+  dependencies:
+    undici-types: ~5.26.4
+  checksum: b7032363581c416e721a88cffdc2b47662337cacd20f8294f5619a1abf79615c7fef1521964c2aa9d36ed6aae733e1a03e8c704661bd5a0c2f34b390f41ea395
   languageName: node
   linkType: hard
 
@@ -7197,23 +7199,23 @@ __metadata:
   languageName: node
   linkType: hard
 
-"typescript@npm:~4.8.4":
-  version: 4.8.4
-  resolution: "typescript@npm:4.8.4"
+"typescript@npm:~5.5.4":
+  version: 5.5.4
+  resolution: "typescript@npm:5.5.4"
   bin:
     tsc: bin/tsc
     tsserver: bin/tsserver
-  checksum: 3e4f061658e0c8f36c820802fa809e0fd812b85687a9a2f5430bc3d0368e37d1c9605c3ce9b39df9a05af2ece67b1d844f9f6ea8ff42819f13bcb80f85629af0
+  checksum: b309040f3a1cd91c68a5a58af6b9fdd4e849b8c42d837b2c2e73f9a4f96a98c4f1ed398a9aab576ee0a4748f5690cf594e6b99dbe61de7839da748c41e6d6ca8
   languageName: node
   linkType: hard
 
-"typescript@patch:typescript@~4.8.4#~builtin<compat/typescript>":
-  version: 4.8.4
-  resolution: "typescript@patch:typescript@npm%3A4.8.4#~builtin<compat/typescript>::version=4.8.4&hash=7ad353"
+"typescript@patch:typescript@~5.5.4#~builtin<compat/typescript>":
+  version: 5.5.4
+  resolution: "typescript@patch:typescript@npm%3A5.5.4#~builtin<compat/typescript>::version=5.5.4&hash=7ad353"
   bin:
     tsc: bin/tsc
     tsserver: bin/tsserver
-  checksum: 563a0ef47abae6df27a9a3ab38f75fc681f633ccf1a3502b1108e252e187787893de689220f4544aaf95a371a4eb3141e4a337deb9895de5ac3c1ca76430e5f0
+  checksum: fc52962f31a5bcb716d4213bef516885e4f01f30cea797a831205fc9ef12b405a40561c40eae3127ab85ba1548e7df49df2bcdee6b84a94bfbe3a0d7eff16b14
   languageName: node
   linkType: hard