Literary: This verse is essentially the same as Isaiah 29:20:
20 For the terrible one is brought to nought, and the scorner is consumed, and all that watch for iniquity are cut off:
Both "the terrible one" and "the scorner" are epithets applied to Satan. Isaiah frequently uses literary parallels, and in this case the parallels are simply the descriptions applied to the same person. It is because Satan is "brought to naught" that we further understand that these verses apply to the last days. It is also because Satan is "brought to naught" that "all that watch for iniquity are cut off," that is, the wicked have lost their source or inspiration. The binding of Satan also removes the basis for iniquity of the wicked.