Trump transition updates: Trump taps America First think tank CEO as agriculture secretary

Outgoing Transportation Secretary Pete Buttigieg said he reached out to Trump's pick for his successor, businessman and Fox News contributor Sean Duffy, and had a good conversation.

"I reached out to Mr. Duffy yesterday to congratulate him on getting what I believe is the best job in the federal government. Let him know that, upon confirmation, he'll be working with some of the -- in my biased opinion -- the best men and women in the in public service, and that there is a great tradition of former secretaries from either party rooting for the success of the department long after they leave, and I hope to be part of that tradition," Buttigieg said during a summit of progressive local and state officials in Washington, D.C.

He told MSNBC that he's not sure what his next step is, but regardless is looking forward to spending more time with his children and whatever he decides will have "a little distance" between himself and D.C.

"I know I will make myself useful, later, I just don’t know how," he said.

-ABC News' Brittany Shepherd

The head of the Securities and Exchange Commission, Gary Gensler, will step down on Jan. 20, 2025, the agency announced Thursday.

Gensler has faced fierce opposition from the cryptocurrency industry and Wall Street over his tough regulatory agenda. Trump had vowed to fire him, drawing praise from the crypto industry.

Gensler's five-year term was not set to run out until 2026, but it was widely expected that he would resign.

"The SEC has met our mission and enforced the law without fear or favor," Gensler said in a press release.

His resignation will leave a key post for Trump to fill -- the SEC serves as Wall Street's top regulator.

-ABC News' Elizabeth Schulze

President-elect Trump said he "greatly appreciate[s] the recent efforts of Matt Gaetz in seeking approval to be Attorney General" in a social media post shortly after Gaetz announced his withdrawal from the role.

"He was doing very well but, at the same time, did not want to be a distraction for the Administration, for which he has much respect. Matt has a wonderful future, and I look forward to watching all of the great things he will do!" Trump posted.

Gaetz informed Trump late Thursday morning he'd be withdrawing, sources told ABC News.

Sources told ABC News in the last few days it became clear to the Trump team that Gaetz was not going to have enough votes for a Senate confirmation -- with sources close to the president-elect telling ABC News that there was "no path to 50" senators.

-ABC News' Jonathan Karl, John Santucci, Katherine Faulders and Lalee Ibssa

Former Rep. Matt Gaetz announced Thursday he is withdrawing his name from consideration to be Donald Trump’s attorney general.

“I had excellent meetings with Senators yesterday,” Gaetz wrote in a post on X. “I appreciate their thoughtful feedback - and the incredible support of so many. While the momentum was strong, it is clear that my confirmation was unfairly becoming a distraction to the critical work of the Trump/Vance Transition. There is no time to waste on a needlessly protracted Washington scuffle, thus I'll be withdrawing my name from consideration to serve as Attorney General. Trump's DOJ must be in place and ready on Day 1.”

“I remain fully committed to see that Donald J. Trump is the most successful President in history. I will forever be honored that President Trump nominated me to lead the Department of Justice and I'm certain he will Save America,” Gaetz wrote.