The request follows lower court rulings on oversight of the prediction firms.
The possible penalty could cost Kalshi an estimated $36 billion.
The decision sides with the Trump administration in a high-profile clash.
Prediction markets like Kalshi and Polymarket are under scrutiny from lawmakers.
Gannon Ken Van Dyke pleaded not guilty to making $400,000 on Polymarket.
The law is scheduled to go into effect Aug. 1.
