And yet, if you peruse the ICANN website you come across--
Resources - ICANN: "ICANN's agreements with accredited registrars and with gTLD registry operators require compliance with various specifically stated procedures and also with "consensus policies." Sponsors and registry operators of sponsored TLDs may be required to comply with consensus policies in some instances."
ICANN: Consensus Policies relating to registry operations or registrars . . . shall include, without limitation:
(A) principles for allocation of registered names in the TLD (e.g., first-come, first-served, timely renewal, holding period after expiration);
(B) prohibitions on warehousing of or speculation in domain names by registries or registrars; (source: Verisign dot Com registry agreement)
Here's the language from 2013 ICANN Registrar Accreditation Agreement:
3.7.9 Registrar shall abide by any Consensus Policy prohibiting or restricting warehousing of or speculation in domain names by registrars.
And from the base gTLD Registry Agreement: 1.3. Such categories of issues referred to in Section 1.2 of this Specification shall include, without limitation:
1.3.1 principles for allocation of registered names in the TLD (e.g., first-come/first-served, timely renewal, holding period after expiration);
1.3.2 prohibitions on warehousing of or speculation in domain names by registries or registrars;
ICANN #FAIL
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