As I have noted before, the beast comes out of the sea. Most scholars I have read think that the sea represents people, as it does here. I have always assumed that this verse is the reason they think so. Unfortunately, I have not seen bible teachers cite this verse as support for this idea.
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NOTE: I do not think that this verse conclusively proves that the sea also represents people. It does not say that explicitly. But it makes sense. The sea is composed of water, so it makes sense to interpret it in this way.