(CNN) -- Track and field star Tyson Gay was handed a one-year ban by the U.S. Anti Doping Agency (USADA) Friday and has had to return the silver medal he won at the 2012 London Olympics.
Gay, a former world 100 and 200m champion, tested positive for a banned anabolic steroid at the U.S. Championships on June 23, 2013 and his suspension takes effect from that date -- making him eligible to compete later this summer.
The standard ban for a doping violation is two years, but Gay has been treated more leniently because he co-operated with USADA, it said.
"We appreciate Tyson doing the right thing by immediately withdrawing from competition once he was notified, accepting responsibility for his decisions, and fully and truthfully cooperating with us in our ongoing investigation into the circumstances surrounding his case," USADA chief executive Travis T. Tygart told the organization's official website.
Gay, who has been one of Usain Bolt's main rivals over the past few years, also accepted the forfeiture of all results and prizes dated back to July 15, 2012, when he first admitted using a product that contained a banned substance.
That included his silver medal in the U.S. men's 4x100m relay squad at the London Games, where they finished second to Bolt's all-conquering Jamaican team.
The shortened suspension length is subject to appeal by the IAAF and the World Anti-Doping Agency (WADA) but the International Olympic Committee (IOC) said it was satisfied with the punishment meted out to Gay.
"We note the athlete accepted responsibility for his actions and returned the medal from the London Olympic Games," it said in a statement.
"The IOC supports clean athletes and defends the integrity of sport against those who cheat. We will take all necessary steps with regard to the Olympic Games in line with our zero tolerance policy, and our full commitment to the protection of the clean athletes."
Gay is the joint second fastest man over 100m in history behind Bolt, with a 9.69 seconds clocking.
He won the triple of 100, 200 and 4x100m relay gold at the 2007 world championships in Osaka.
News of his positive test came on the same day that a similar outcome was revealed for former world 100m record holder Asafa Powell, shocking followers of track and field.
Jamaica's Powell received an 18-month ban for his doping offense.