Sendgrid API Password Fails in Mail Server Settings

Using SendGrid API fails in CF2025:

`Error","scheduler-6","08/17/25","13:01:49","","coldfusion.wddx.Base64Encoder$InvalidEncodedStringException: '' Can not decode string "SG". The input string is not base64-encoded.`

I did open a bug report:

https://tracker.adobe.com/#/view/CF-4227552

Anyone have anyway to get this to work? It's pretty big showstopper if not.