Whether disallowing renewals or terminating them tomorrow, there's still the same core problems, only the date of the offense changes: (1) seizing people's names that they've established, breaking innumerable things including email and server hostnames, and (2) the possible resale of the 2LD fraser.com to a third party who will be free to do malicious things like reading OP's email, redirecting his traffic, or extorting him, to sell continued access at any price demanded.

There's one less core problem: those who just bought/renewed their domain e.g. yesterday are fucked out of both their money and forced to migrate sooner than they could have reasonably planned for. People's who registrations expire and they are unable to renew is a very different level of unfairness and inconvenience.

In either case, the security concern should be directly addressed.