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In the US, removing DRM is usually considered to be illegal. That said, international laws differ, and we have arguments in the US about fair use, etc, if you're only removing it for personal use. We fought the format-shifting wars over music and format-shifting won, so I expect the same thing to happen with ebooks eventually. Disclaimer - I'm not a lawyer and this is not legal advice.
Practically speaking, there's nothing to stop you if you're just going to use it to change readers. Just don't try to make money off it, post to pirate sites, email to everyone you know, etc.
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