It is possible for a DRM-free ePub to be delivered by an .acsm file. All this means in principle is that an Adobe server is fulfilling the ebook order. However, since it costs the bookstore money to deliver an ebook via Adobe (and a DRM-free ePub can be delivered directly as an .epub) the vast majority of .acsm deliveries are for DRM-ridden ePubs.
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