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Will Smith's resignation from the Academy will have NO IMPACT on career...he will even be invited BACK to the Oscars

Will Smith said: 'I deeply regret that my behavior has stained what has been an otherwise gorgeous journey for all of us. I am a work in progress'

The much-talked slapgate incident that happened last Sunday night, March 27, has taken an interesting turn after Will Smith resigned from the motion picture academy. The 53-year-old actor issued a statement obtained by Hollywood Reporter in which he said, “I will fully accept any and all consequences for my conduct. My actions at the 94th Academy Awards presentation were shocking, painful, and inexcusable. The list of those I have hurt is long and includes Chris, his family, many of my dear friends and loved ones, all those in attendance, and global audiences at home.”

He also apologized for slapping Chris Rock on-stage in another statement and added: “I would like to publicly apologize to you, Chris. I was out of line and I was wrong. I am embarrassed and my actions were not indicative of the man I want to be. There is no place for violence in a world of love and kindness. I deeply regret that my behavior has stained what has been an otherwise gorgeous journey for all of us. I am a work in progress.”

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Though Rock has refused to take any legal action against Will, the Academy has said that it will continue conducting a formal probe. Academy president David Rubin issued a statement that said: “We have received and accepted Mr. Will Smith’s immediate resignation from the Academy of Motion Picture Arts and Sciences. We will continue to move forward with our disciplinary proceedings against Mr. Smith for violations of the Academy’s Standards of Conduct, in advance of our next scheduled board meeting on April 18.”

Also, SAG-AFTRA in a statement added: “We have been in contact with the Academy of Motion Picture Arts and Sciences and ABC about this incident and will work to ensure this behavior is appropriately addressed. SAG-AFTRA does not comment on any pending member disciplinary process.”

The academy's code of conduct, as reported by PEOPLE, comprises disciplinary actions that "may include private reprimand, public reprimand, temporary or permanent loss of privileges to attend and participate in Academy events or activities, temporary or permanent loss of eligibility to receive or hold or revocation of Academy awards or honors, temporary or permanent loss of eligibility to hold Academy service and volunteer roles, or other sanctions that the Academy in its sole discretion may deem appropriate."

However, because of Will’s voluntary exit from the academy, he reportedly won’t be suspended or expelled from the organization. It is also very unlikely that Will have to return his best actor award because people like Harvey Weinstein and Roman Polanski have not even been asked to give back theirs. According to The Hollywood Reporter though ‘The Fresh Prince of Bel-Air’ star won’t be able to vote for the Oscars, “he can still be nominated for Academy Awards, attend future ceremonies and keep the statue he won.”

Meanwhile, the latest development has attracted a lot of negative attention online with a user tweeting, “So, his resignation means basically nothing. If he keeps his Oscar, can still go to future Oscar ceremonies, and can still get nominated his resignation is nothing.” A tweet read, “This is meaningless.  Resigning from ⁦ @TheAcademy ⁩ just means he can’t vote. 🙄   I still look forward to the hearing on April 18th, where the Academy should take severe actions on his Physical Assault, showing this violent behavior can’t be excused.” “The consequences of resigning to the Academy are not harsh at all, he still gets all benefits except he no longer has voting rights. So a Meh move,” a user pointed out.