help me identify this mystery part

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piped

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Bought a new house and this was next to the 1970's aspen green toilet..

Not entirely sure what it does.. The handyman opened the valve a little and water came out where the holes are. Any ideas on what this does ?IMG_20190117_140853062.jpg
 
Looks like a pressure regulator, but not familiar with that setup. Let one of the old men comment on it
 
There is a floor drain about 4 feet away.. And this bathroom is in the basement/laundry area.
 
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