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Modern fair use law as it pertains to ebooks means you can strip DRM for legally owned items (physical or digital) provided it stays within your possession. Current ebook DRM falls under the "prevention of theft", not "prevention of ownership"... versus music/movies fall under "prevention of ownership" since you are legally only allowed to use it in its original form, aka DVD, Bluray or legal streaming (aka netflix) video, not allowing you to make a backup or copy even if you own the physical media or pay for the viewing service.
It was originally the same way (Fair use) for music and movies until the music/movie mafia criminalized civil law.
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