Melt butter in a large Dutch oven over medium heat.
Add potato, onions, celery, and jalapeo; cover and cook 2 minutes. Increase heat to medium-high; add oysters and scallops, and cook 5 minutes, stirring frequently. Stir in corn, milk, and tomato; bring to a boil. Cover, reduce heat, and simmer 10 minutes or until potato is tender.
Sprinkle with salt and black pepper.
Note: Bay scallops can be substituted for the quartered sea scallops, if desired.