I was able to find out that if you simply change the bitrate from 48,000 to 44,100 then the interface seems to work seamlessly with the M1 Mac's. No driver needed. It seems that bit rate is too high when you first plug it in. IMPORTANT: Make sure to turn off the audio interface and turn it back on for the changes to take effect.
Open up Audio Midi Setup in your applications folder
Under the FastTrack Pro 1 (inputs) change from 48,000 to 44,100
You will not hear any audio
Turn the FastTrack Pro off
Turn the Fast Track Pro on
Audio should be working just fine!
I don't know what will happen if you choose another audio output/input source. might mess it up?
