Bell was red-carded just two minutes into last Saturday's 51-27 Super Rugby Pacific loss to the Chiefs in Melbourne.
But the SANZAAR Foul Play Review Committee has only issued Bell with a warning after examining the tackle, which referee Nick Berry alleged was "dangerous" with "no mitigation".
"He (Cane) lands on his head. I'm on red," Berry told the television match official on Saturday.
But SANZAAR's Foul Play Review Committee Chairman Michael Heron QC deemed otherwise.
"Having conducted a detailed review of all the available evidence, including all camera angles and additional evidence, including from the player and submissions from his legal representative, Aaron Lloyd, the Foul Play Review Committee found the foul play did not breach the red card threshold," Heron said.
"With respect to sanction the Foul Play Review Committee deemed the act of foul play merited a Warning as it was close to, but did not breach the red card threshold.
"The Foul Play Review Committee deemed that the significant involvement of other players contributed to the incident which produced mitigating factors."
The seventh-placed Waratahs host the third-placed Crusaders at Leichhardt Oval in another key trans-Tasman battle.
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