diff --git a/Tiltfile b/Tiltfile
index 1766beef83e69..6c0c9246042b4 100644
--- a/Tiltfile
+++ b/Tiltfile
@@ -7,7 +7,7 @@ load('ext://helm_resource', 'helm_resource', 'helm_repo')
 docker_build(
     ref='timberio/vector',
     context='.',
-    build_args={'RUST_VERSION': '1.69.0'},
+    build_args={'RUST_VERSION': '1.70.0'},
     dockerfile='tilt/Dockerfile'
     )
 
diff --git a/lib/vector-buffers/src/variants/disk_v2/tests/model/sequencer.rs b/lib/vector-buffers/src/variants/disk_v2/tests/model/sequencer.rs
index d00e95ea1e406..270cf7c84e9d6 100644
--- a/lib/vector-buffers/src/variants/disk_v2/tests/model/sequencer.rs
+++ b/lib/vector-buffers/src/variants/disk_v2/tests/model/sequencer.rs
@@ -25,11 +25,9 @@ impl<T> TrackedFuture<T> {
     where
         F: Future<Output = T> + Send + 'static,
     {
-        let wrapped = async move { fut.await };
-
         Self {
             polled_once: false,
-            fut: spawn(wrapped.boxed()),
+            fut: spawn(fut.boxed()),
         }
     }
 
diff --git a/rust-toolchain.toml b/rust-toolchain.toml
index f238a797e8764..008def46a7a20 100644
--- a/rust-toolchain.toml
+++ b/rust-toolchain.toml
@@ -1,3 +1,3 @@
 [toolchain]
-channel = "1.69.0"
+channel = "1.70.0"
 profile = "default"
diff --git a/src/sinks/util/service.rs b/src/sinks/util/service.rs
index d75030de8d79f..d8970c5dbbe58 100644
--- a/src/sinks/util/service.rs
+++ b/src/sinks/util/service.rs
@@ -357,7 +357,6 @@ impl TowerRequestSettings {
         S::Future: Send + 'static,
     {
         let policy = self.retry_policy(retry_logic.clone());
-        let settings = self.clone();
 
         // Build services
         let open = OpenGauge::new();
@@ -368,16 +367,14 @@ impl TowerRequestSettings {
                 // Build individual service
                 ServiceBuilder::new()
                     .layer(AdaptiveConcurrencyLimitLayer::new(
-                        settings.concurrency,
-                        settings.adaptive_concurrency,
+                        self.concurrency,
+                        self.adaptive_concurrency,
                         retry_logic.clone(),
                     ))
                     .service(
                         health_config.build(
                             health_logic.clone(),
-                            ServiceBuilder::new()
-                                .timeout(settings.timeout)
-                                .service(inner),
+                            ServiceBuilder::new().timeout(self.timeout).service(inner),
                             open.clone(),
                             endpoint,
                         ), // NOTE: there is a version conflict for crate `tracing` between `tracing_tower` crate