Smart Tags Not Working in Emails (v1.7.0)

Since updating to v.1.7.0 of this plugin, the emails sent to people registering no longer parse all of the smart tags, such as {{first_name}} and {{email}}. It just shows up in the email as “Dear {{first_name}} {{last_name}}” instead of “Dear Jane Doe”

It does still send to the correct email address (entered as {{email}} in the email settings “To” field), and it does still parse the site short codes (such as {{home_url}} and {{blog_info}}).

This was working properly when we were running v.1.6.3.

Can you provide a fix, or let me know if there’s anything I need to do to get this working again?