MINGW-packages: binutils 2.36 breaks ar when running from command prompt

Just upgraded binutils. All uses of ar result in this message when running from command prompt:

c:\msys64\mingw64\lib\bfd-plugins\libdep.a is either not designed to run on Windows or it contains an error. Try installing the program again using the original installation media or contact your system administrator or the software vendor for support. Error status 0xc000012f.

Minimal reproduction:

# From msys or git bash
touch empty.c
gcc -c -o empty.o empty.c
ar -rc libempty.a empty.o # Great success!
# Then from command prompt in the same folder
ar -rc libempty.a empty.o

Running the command from a git bash / msys 2prompt works. Running it from a cmd window gives the message. Running it in msys2 invoking cmd /c 'ar -rc [...]' works fine, and surprisingly also when invoking \msys64\usr\bin\bash -c "ar -rc [...]" from the command prompt

Downgrading to binutils 2.35.1-3 resolves the issue. Both 2.36-1 and 2.36-3 exhibit this behaviour.