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This rule was originally introduced along with a very early proposal for package relay as a way to verify that the "correct" child-with-unconfirmed-parents package was provided for a transaction, where correctness was defined as all of the transactions unconfirmed parents. However, we are not planning to introduce a protocol where peers would be asked to send these packages. This rule has downsides: if a transaction has multiple parents but only 1 that requires package CPFP to be accepted, the current rule prevents us from accepting that package. Even if the other parents are already in mempool, the p2p logic will only submit the 1p1c package, which fails this check. See the test in p2p_1p1c_network.py
Transaction Relay Policy
Policy (Mempool or Transaction Relay Policy) is the node's set of validation rules, in addition
to consensus, enforced for unconfirmed transactions before submitting them to the mempool. These
rules are local to the node and configurable, see "Node relay options" when running -help.
Policy may include restrictions on the transaction itself, the transaction
in relation to the current chain tip, and the transaction in relation to the node's mempool
contents. Policy is not applied to transactions in blocks.
This documentation is not an exhaustive list of all policy rules.