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[FAQ] Can I use a 2-wire 4-20mA transmitter with a sensor or microcontroller that uses its own supply?

Other Parts Discussed in Thread: ISO7340C, ISO7310C

2-wire 4-20mA transmitters are loop powered, and the sensor and its associated circuitry are supplied by the transmitter. Is it possible to use a sensor or microcontroller that uses a separate supply as the input to my 2-wire transmitter?