Some M1 Mac users may discover that apps like Steam, Minecraft, Lightburn, 0ad, Atom, Skype and any other Rosetta applications are crashing or unable to launch.
This issue seems to happen most often after using Migration Assistant to setup a new Mac, but it can also happen to some Apple Silicon Macs that have downgraded from MacOS Monterey back to Big Sur, or even updated to MacOS Monterey from macOS Big Sur. A common example is something like this; having used Migration Assistant to setup a new M1 Pro or M1 Max MacBook Pro from a previous gen M1 MacBook Pro, you may notice apps that ran fine before are suddenly all crashing on the new Mac.
The app crashing problem appears to happen only when attempting to open apps that use Rosetta, the translator that allows Intel apps to run on Apple Silicon architecture.
If you experience this issue, an app will fail to open and crash upon launch, and the error message will read something like the following:
Exception Type: EXC_BREAKPOINT (SIGTRAP)
Exception Codes: 0x0000000000000001, 0x00007ff7ffc73af0
Exception Note: EXC_CORPSE_NOTIFY
Termination Reason: SIGNAL 5 Trace/BPT trap: 5
Terminating Process: exc handler 
Triggered by Thread: 0
Application Specific Information:
assertion failed [header->version <= kProjectSourceVersion]: runtime library is newer than runtime (Library.cpp:99 init)
The solution to fix the app crashing problem is rather straightforward; install Rosetta in macOS again.
The simplest way to reinstall Rosetta 2 is by opening the Terminal application, found via Spotlight (Command+Spacebar and typing Terminal), or by going the /Applications/Utilities/ folder, and then issuing the following command string:
/usr/sbin/softwareupdate --install-rosetta --agree-to-license
Hit Return to execute the command, and reinstall Rosetta on the Mac.
Once Rosetta has finished installing (again), try relaunching the apps, and they should work fine as expected again.
Have you experienced this error or problem? Did reinstalling Rosetta in macOS resolve the issue for you? Let us know your experiences in the comments.