It reminds me of an multiscender for Moving rope that came out in the 80s, but didn’t get popular. It’s the Arborist’s Cinch that’s rated for 1/2” rope.
Looks like for ascending it is like a rope grab with a cam to pinch the rope. Maybe the red knob locks out the cam from contacting the rope and the aluminum lever by his fore finger is pressed against the sheave for descending.
Split ring might be use to pull pin that holds the cam for...
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