A replacement honoree has not been announced and Spacey has yet to comment on the Academy's decision.
In his statement addressing Rapp's claims, Spacey, 58, apologized for "drunken behavior" he did not recall while simultaneously coming out as gay.
"I have a lot of respect and admiration for Anthony Rapp as an actor," he wrote on social media. "I am beyond horrified to hear his story. I honestly do not remember the encounter as it would have been over 30 years ago. But if I did behave then as he describes I owe him the sincerest apology for what would have been deeply inappropriate drunken behavior and I am sorry for the feelings he described having carried with him all these years."
Spacey also wrote, "This story has encouraged me to address other things in my life...I have loved and had romantic encounters with men throughout my life, and I choose now to live as a gay man."
His response sparked widespread criticism from his famous peers, with celebs like Wanda Sykes, Rose McGowan and Billy Eichner as well as organizations like GLAAD denouncing his decision to address his sexuality amidst the allegations. Zachary Quinto called Spacey coming out a "calculated manipulation" to divert attention from Rapp's account.
Meanwhile, Spacey has not commented on his peers' perspectives. Netflix also announced Monday that House of Cards would end after season six, but said its decision to conclude the political drama was already in the works for a few months.