(1) is correctly punctuated; (2) is incorrectly punctuated and hard to read.
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TacoDWhich one is the better option?The first sentence. "despite", here, is a preposition so you can't separate (using comma) the object of the preposition from the preposition itself.
TacoDefficiency and fastnessefficiency and speed
TacoDI think you meant to click on the underline button (U), not the cross-out button (despite the importance of expeditious and efficient proceedings