In the case of Silver v. New York Stock Exchange, 1962, the Supreme Court ruled in favor of Silver and against the New York Stock Exchange (NYSE). The NYSE had disconnected private wire connections between its members and non-members without providing notice or a hearing to those affected. This action was taken under Section 6(b) of the Securities Exchange Act which grants self-regulatory organizations certain powers to enforce compliance by their members with federal securities laws and regulations. However, Justice Harlan writing for majority held that this provision did not immunize such conduct from antitrust scrutiny under Sherman Act because it lacked any procedural safeguards required by due process clause of Fifth Amendment. Therefore, NYSE's actions were deemed as unreasonable restraint on trade violating antitrust laws.

In the dissenting opinion for Silver v. New York Stock Exchange, Justice Harlan argued that the majority's decision to allow a private corporation like NYSE to be subject to antitrust laws was misguided and could have far-reaching implications. He contended that Congress never intended for such entities to fall under these regulations, as they are not engaged in trade or commerce but rather provide services vital for its operation. Furthermore, he believed it is inappropriate and potentially harmful for courts to interfere with self-regulatory organizations' internal affairs without clear legislative guidance. The justice also expressed concern about the potential negative impact on future business practices due to this ruling; businesses might hesitate before taking necessary actions out of fear of legal repercussions based on an overly broad interpretation of antitrust laws.