Late Binding Issue with "MSXML2.XMLHTTP60"

Question

I am getting a Run-time error '429': ActiveX component can't create object error when I try to run the following code.

Option Explicit

Private Sub EarlyVsLateBinding()

    ' References to both the Microsoft Scripting Runtime and Microsoft XML, v6.0 
    ' are active so that early binding is possible

    Dim EarlyDictionary As Scripting.Dictionary
    
    Dim LateDictionary As Object
    Set LateDictionary = CreateObject("Scripting.Dictionary")
    
    Dim EarlyHTTP As New MSXML2.XMLHTTP60
    
    Dim LateHTTP As Object
    Set LateHTTP = CreateObject("MSXML2.XMLHTTP60") ' Error is thrown here

End Sub

I have included the example of Scripting.Dictionary to convince myself that the CreateObject function wasn't causing any issues, and to show that an early and late binding work for another class.

Sadly, every example that I come across of this class uses the early binding method but I need the late binding method for this code. Also, replacing the line Set LateHTTP = CreateObject("MSXML2.XMLHTTP60") with Set LateHTTP = GetObject(Class:="MSXML2.XMLHTTP60") yielded the same error.

What could be causing this error?