There's a bit of confusion here, which is understandable. To be exact, registrars have a 120-hour window to request cancellation and refund for a newly registered .com domain name. If the name's registered on Oct. 1 at 2:30PM EST, then the registrar has up to Oct. 6 at 2:30PM EST to have it deleted and be refunded. 120 hours is 5-days, sure. But registrars set their systems for 120 hours based on the exact date/time stamp of the original registration. The original intent for the 120-hour "add/grace" period is to correct mistakes (e.g. misspelled domain names) and prevent possible chargebacks. But like all other "privileges", it can be abused. Passing a "law" to prevent registrars from registering domain names under their own corporate names might work. But they can always setup an off-shore LLC or something similar outside the US under a different name and still be able to "hoard" domain names. If you don't want registrars to register or "hoard" nanes, you'd better be able to come up with specific guidelines on what kind of names they can and can't be allowed to register. You have different and even conflicting interests here, and they're the ones paying to give you that privilege. And unless a registrar has some kind of privacy policy or something similar to the effect they won't exactly do this sort of thing, there's nothing to require or force them to input such. So you search at your risk. Seriously I doubt what Bob Parsons suggested in his blog is going to stop this "domain tasting" completely. Sure it can eliminate a few participants, but the really deep-pocketed ones will still be able to engage in such. You have to realize that Moniker is also investing in providing good tools and support for them, especially security. They do offer flexible pricing, though it's based on how many domain names you wish to manage with them.
I can't post links so search for "The Great Internet Brand Rip-Off" at your favorite news search site! It's a pretty balanced story if you ask me. (Yeah, I know, you didn't ask!)