The 27-year-old all-rounder, who has taken seven wickets and scored 229 runs in the series so far, was also fined 40 percent of his match fee, while all the other Windies players were fined 20 percent each.
"We will, of course, abide by the ICC ruling, but we have to wonder if such punitive action at a pivotal stage of the series is good for cricket," said Cameron.
"What a shame if the series is remembered not for the sparkling play of the reinvigorated West Indies players but for a crippling decision made by a rule that ought to be modified."
The 27-year-old Holder was also found guilty of a slow over-rate during his team's third Test defeat by Sri Lanka last June.
Opening batsman Kraigg Brathwaite will lead the side in Holder's absence, with seamer Keemo Paul called up in the squad to replace Holder.
Fast bowler Alzarri Joseph has been included, despite the death of his mother during the second Test.