USA Swimming has released the following statement:
(thanks swimnetwork.com)
COLORADO SPRINGS, Colo. - USA Swimming has reprimanded Michael Phelps under its Code of Conduct by withdrawing financial support and the eligibility to compete for a period of three months effective today, February 5.
This is not a situation where any anti-doping rule was violated, but we decided to send a strong message to Michael because he disappointed so many people, particularly the hundreds of thousands of USA Swimming member kids who look up to him as a role model and a hero.
Michael has voluntarily accepted this reprimand and has committed to earn back our trust.