diff --git a/CHANGELOG.md b/CHANGELOG.md
index 91d518e4..6817943e 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -9,6 +9,8 @@ and this project adheres to [Semantic Versioning](https://semver.org/spec/v2.0.0
 
 ### Changed
 
+- Bump `@ethereumjs/tx` from `^4.2.0` to `^5.4.0` ([#321](https://github.com/MetaMask/utils/pull/321))
+  - The deprecated `Keyring.signTransaction` now returns `LegacyTxData` rather than `TxData`. These describe the same shape: `@ethereumjs/tx@5` repurposed the name `TxData` for a map keyed by transaction type and renamed the old meaning to `LegacyTxData`. Implementations do not need changing.
 - Bump `@metamask/scure-bip39` from `^2.0.3` to `^2.1.1` ([#311](https://github.com/MetaMask/utils/pull/311))
 - Bump `@metamask/superstruct` from `^3.1.0` to `^3.4.1` ([#311](https://github.com/MetaMask/utils/pull/311))
 - Bump `@noble/hashes` from `^1.3.1` to `^1.8.0` ([#311](https://github.com/MetaMask/utils/pull/311))
diff --git a/package.json b/package.json
index 32e2f685..f9bfbb4a 100644
--- a/package.json
+++ b/package.json
@@ -62,7 +62,7 @@
     "test:watch": "jest --watch"
   },
   "dependencies": {
-    "@ethereumjs/tx": "^4.2.0",
+    "@ethereumjs/tx": "^5.4.0",
     "@metamask/scure-bip39": "^2.1.1",
     "@metamask/superstruct": "^3.4.1",
     "@noble/hashes": "^1.8.0",
diff --git a/src/keyring.ts b/src/keyring.ts
index a669d0a8..30b422d2 100644
--- a/src/keyring.ts
+++ b/src/keyring.ts
@@ -1,4 +1,4 @@
-import type { TypedTransaction, TxData } from '@ethereumjs/tx';
+import type { TypedTransaction, LegacyTxData } from '@ethereumjs/tx';
 
 import type { Eip1024EncryptedData } from './encryption-types';
 import type { Hex } from './hex';
@@ -149,7 +149,7 @@ export type Keyring<State extends Json> = {
     address: Hex,
     transaction: TypedTransaction,
     options?: Record<string, unknown>,
-  ): Promise<TxData>;
+  ): Promise<LegacyTxData>;
 
   /**
    * Sign a message. This is equivalent to an older version of the the
diff --git a/yarn.lock b/yarn.lock
index 3845b61b..659676d4 100644
--- a/yarn.lock
+++ b/yarn.lock
@@ -533,13 +533,12 @@ __metadata:
   languageName: node
   linkType: hard
 
-"@ethereumjs/common@npm:^3.2.0":
-  version: 3.2.0
-  resolution: "@ethereumjs/common@npm:3.2.0"
+"@ethereumjs/common@npm:^4.4.0":
+  version: 4.4.0
+  resolution: "@ethereumjs/common@npm:4.4.0"
   dependencies:
-    "@ethereumjs/util": "npm:^8.1.0"
-    crc-32: "npm:^1.2.0"
-  checksum: 10/b3f612406b6bcefaf9117ceb42eff58d311e2b50205e3d55b4c793d803de517efbc84075e058dc0e2ec27a2bff11dfc279dda1fa2b249ed6ab3973be045898f4
+    "@ethereumjs/util": "npm:^9.1.0"
+  checksum: 10/dd5cc78575a762b367601f94d6af7e36cb3a5ecab45eec0c1259c433e755a16c867753aa88f331e3963791a18424ad0549682a3a6a0a160640fe846db6ce8014
   languageName: node
   linkType: hard
 
@@ -561,26 +560,25 @@ __metadata:
   languageName: node
   linkType: hard
 
-"@ethereumjs/tx@npm:^4.2.0":
-  version: 4.2.0
-  resolution: "@ethereumjs/tx@npm:4.2.0"
+"@ethereumjs/tx@npm:^5.4.0":
+  version: 5.4.0
+  resolution: "@ethereumjs/tx@npm:5.4.0"
   dependencies:
-    "@ethereumjs/common": "npm:^3.2.0"
-    "@ethereumjs/rlp": "npm:^4.0.1"
-    "@ethereumjs/util": "npm:^8.1.0"
-    ethereum-cryptography: "npm:^2.0.0"
-  checksum: 10/cbd2ffc3ef76ca5416d58f2f694858d9fcac946e6a107fef44cf3f308a7c9fcc996a6847868609354d72d5b356faee68408e9d5601c4c4f7dad8e18cb2c24a95
+    "@ethereumjs/common": "npm:^4.4.0"
+    "@ethereumjs/rlp": "npm:^5.0.2"
+    "@ethereumjs/util": "npm:^9.1.0"
+    ethereum-cryptography: "npm:^2.2.1"
+  checksum: 10/8d2c0a69ab37015f945f9de065cfb9f05e8e79179efeed725ea0a14760c3eb8ff900bcf915bb71ec29fe2f753db35d1b78a15ac4ddec489e87c995dec1ba6e85
   languageName: node
   linkType: hard
 
-"@ethereumjs/util@npm:^8.1.0":
-  version: 8.1.0
-  resolution: "@ethereumjs/util@npm:8.1.0"
+"@ethereumjs/util@npm:^9.1.0":
+  version: 9.1.0
+  resolution: "@ethereumjs/util@npm:9.1.0"
   dependencies:
-    "@ethereumjs/rlp": "npm:^4.0.1"
-    ethereum-cryptography: "npm:^2.0.0"
-    micro-ftch: "npm:^0.3.1"
-  checksum: 10/cc35338932e49b15e54ca6e548b32a1f48eed7d7e1d34ee743e4d3600dd616668bd50f70139e86c5c35f55aac35fba3b6cc4e6f679cf650aeba66bf93016200c
+    "@ethereumjs/rlp": "npm:^5.0.2"
+    ethereum-cryptography: "npm:^2.2.1"
+  checksum: 10/4e22c4081c63eebb808eccd54f7f91cd3407f4cac192da5f30a0d6983fe07d51f25e6a9d08624f1376e604bb7dce574aafcf0fbf0becf42f62687c11e710ac41
   languageName: node
   linkType: hard
 
@@ -1187,7 +1185,7 @@ __metadata:
   version: 0.0.0-use.local
   resolution: "@metamask/utils@workspace:."
   dependencies:
-    "@ethereumjs/tx": "npm:^4.2.0"
+    "@ethereumjs/tx": "npm:^5.4.0"
     "@lavamoat/allow-scripts": "npm:^3.0.4"
     "@lavamoat/preinstall-always-fail": "npm:^2.1.0"
     "@metamask/auto-changelog": "npm:^6.1.0"
@@ -1250,19 +1248,19 @@ __metadata:
   languageName: node
   linkType: hard
 
-"@noble/curves@npm:1.1.0, @noble/curves@npm:~1.1.0":
-  version: 1.1.0
-  resolution: "@noble/curves@npm:1.1.0"
+"@noble/curves@npm:1.4.2, @noble/curves@npm:~1.4.0":
+  version: 1.4.2
+  resolution: "@noble/curves@npm:1.4.2"
   dependencies:
-    "@noble/hashes": "npm:1.3.1"
-  checksum: 10/7028e3f19a4a2a601f9159e5423f51ae86ab231bed79a6e40649b063e1ed7f55f5da0475f1377bd2c5a8e5fc485af9ce0549ad89da6b983d6af48e5d0a2041ca
+    "@noble/hashes": "npm:1.4.0"
+  checksum: 10/f433a2e8811ae345109388eadfa18ef2b0004c1f79417553241db4f0ad0d59550be6298a4f43d989c627e9f7551ffae6e402a4edf0173981e6da95fc7cab5123
   languageName: node
   linkType: hard
 
-"@noble/hashes@npm:1.3.1":
-  version: 1.3.1
-  resolution: "@noble/hashes@npm:1.3.1"
-  checksum: 10/39474bab7e7813dbbfd8750476f48046d3004984e161fcd4333e40ca823f07b069010b35a20246e5b4ac20858e29913172a4d69720fd1e93620f7bedb70f9b72
+"@noble/hashes@npm:1.4.0, @noble/hashes@npm:~1.4.0":
+  version: 1.4.0
+  resolution: "@noble/hashes@npm:1.4.0"
+  checksum: 10/e156e65794c473794c52fa9d06baf1eb20903d0d96719530f523cc4450f6c721a957c544796e6efd0197b2296e7cd70efeb312f861465e17940a3e3c7e0febc6
   languageName: node
   linkType: hard
 
@@ -1273,7 +1271,7 @@ __metadata:
   languageName: node
   linkType: hard
 
-"@noble/hashes@npm:~1.3.0, @noble/hashes@npm:~1.3.1, @noble/hashes@npm:~1.3.2":
+"@noble/hashes@npm:~1.3.2":
   version: 1.3.3
   resolution: "@noble/hashes@npm:1.3.3"
   checksum: 10/1025ddde4d24630e95c0818e63d2d54ee131b980fe113312d17ed7468bc18f54486ac86c907685759f8a7e13c2f9b9e83ec7b67d1cc20836f36b5e4a65bb102d
@@ -1829,31 +1827,31 @@ __metadata:
   languageName: node
   linkType: hard
 
-"@scure/base@npm:~1.1.0, @scure/base@npm:~1.1.3":
+"@scure/base@npm:~1.1.3, @scure/base@npm:~1.1.6":
   version: 1.1.9
   resolution: "@scure/base@npm:1.1.9"
   checksum: 10/f0ab7f687bbcdee2a01377fe3cd808bf63977999672751295b6a92625d5322f4754a96d40f6bd579bc367aad48ecf8a4e6d0390e70296e6ded1076f52adb16bb
   languageName: node
   linkType: hard
 
-"@scure/bip32@npm:1.3.1":
-  version: 1.3.1
-  resolution: "@scure/bip32@npm:1.3.1"
+"@scure/bip32@npm:1.4.0":
+  version: 1.4.0
+  resolution: "@scure/bip32@npm:1.4.0"
   dependencies:
-    "@noble/curves": "npm:~1.1.0"
-    "@noble/hashes": "npm:~1.3.1"
-    "@scure/base": "npm:~1.1.0"
-  checksum: 10/0595955374dfa54a60adfa33d4793fd8b27230e962aaceb5bb5fcf8ccbb935184aa2c45154ec9bdfb26a1877b2ae0a8e4808c9a5464d4ffd971120740b816def
+    "@noble/curves": "npm:~1.4.0"
+    "@noble/hashes": "npm:~1.4.0"
+    "@scure/base": "npm:~1.1.6"
+  checksum: 10/6cd5062d902564d9e970597ec8b1adacb415b2eadfbb95aee1a1a0480a52eb0de4d294d3753aa8b48548064c9795ed108d348a31a8ce3fc88785377bb12c63b9
   languageName: node
   linkType: hard
 
-"@scure/bip39@npm:1.2.1":
-  version: 1.2.1
-  resolution: "@scure/bip39@npm:1.2.1"
+"@scure/bip39@npm:1.3.0":
+  version: 1.3.0
+  resolution: "@scure/bip39@npm:1.3.0"
   dependencies:
-    "@noble/hashes": "npm:~1.3.0"
-    "@scure/base": "npm:~1.1.0"
-  checksum: 10/2ea368bbed34d6b1701c20683bf465e147f231a9e37e639b8c82f585d6f978bb0f3855fca7ceff04954ae248b3e313f5d322d0210614fb7acb402739415aaf31
+    "@noble/hashes": "npm:~1.4.0"
+    "@scure/base": "npm:~1.1.6"
+  checksum: 10/7d71fd58153de22fe8cd65b525f6958a80487bc9d0fbc32c71c328aeafe41fa259f989d2f1e0fa4fdfeaf83b8fcf9310d52ed9862987e46c2f2bfb9dd8cf9fc1
   languageName: node
   linkType: hard
 
@@ -3323,7 +3321,7 @@ __metadata:
   languageName: node
   linkType: hard
 
-"crc-32@npm:^1.2.0, crc-32@npm:^1.2.2":
+"crc-32@npm:^1.2.2":
   version: 1.2.2
   resolution: "crc-32@npm:1.2.2"
   bin:
@@ -4027,15 +4025,15 @@ __metadata:
   languageName: node
   linkType: hard
 
-"ethereum-cryptography@npm:^2.0.0":
-  version: 2.1.0
-  resolution: "ethereum-cryptography@npm:2.1.0"
+"ethereum-cryptography@npm:^2.0.0, ethereum-cryptography@npm:^2.2.1":
+  version: 2.2.1
+  resolution: "ethereum-cryptography@npm:2.2.1"
   dependencies:
-    "@noble/curves": "npm:1.1.0"
-    "@noble/hashes": "npm:1.3.1"
-    "@scure/bip32": "npm:1.3.1"
-    "@scure/bip39": "npm:1.2.1"
-  checksum: 10/a8ad32d464729588ca29037ad1281020ee683677f82c16ad889607733b363a3a3595e4325e4920881a43a679f5adc300378edb3b431a887c8b275911ee9cbad5
+    "@noble/curves": "npm:1.4.2"
+    "@noble/hashes": "npm:1.4.0"
+    "@scure/bip32": "npm:1.4.0"
+    "@scure/bip39": "npm:1.3.0"
+  checksum: 10/ab123bbfe843500ac2d645ce9edc4bc814962ffb598db6bf8bf01fbecac656e6c81ff4cf2472f1734844bbcbad2bf658d8b699cb7248d768e0f06ae13ecf43b8
   languageName: node
   linkType: hard
 
@@ -5872,13 +5870,6 @@ __metadata:
   languageName: node
   linkType: hard
 
-"micro-ftch@npm:^0.3.1":
-  version: 0.3.1
-  resolution: "micro-ftch@npm:0.3.1"
-  checksum: 10/a7ab07d25e28ec4ae492ce4542ea9b06eee85538742b3b1263b247366ee8872f2c5ce9c8651138b2f1d22c8212f691a7b8b5384fe86ead5aff1852e211f1c035
-  languageName: node
-  linkType: hard
-
 "micromatch@npm:^4.0.4":
   version: 4.0.8
   resolution: "micromatch@npm:4.0.8"