Privacy Pass is an anonymous authentication protocol which was initially designed by Davidson et al. (PETS'18) to reduce the number of CAPTCHAs that TOR users must solve. It issues single-use authentication tokens with anonymous and unlinkable redemption guarantees. The issuer and verifier of the protocol share a symmetric key, and tokens are privately verifiable. The protocol has sparked interest from both academia and industry, which led to an Internet Engineering Task Force (IETF) standard. While Davidson et al. formally analyzed the original protocol, the IETF standard introduces several changes to their protocol. Thus, the standardized version's formal security remains unexamined. We fill this gap by analyzing the IETF standard's privately verifiable Privacy Pass protocol.