Combine beer, red pepper flakes, peppercorns, and bay leaves in a large saucepan.

Bring the mixture to a boil.

Boil for 2 minutes.

Add shrimp to the boiling mixture.

Cover the saucepan.

Cook shrimp until cooked through, about 5 minutes.

Drain the shrimp.

Melt the butter in a small saucepan or microwave.

Stir in lemon juice, black pepper, and cayenne pepper.

Serve the shrimp with the butter mixture, cocktail sauce, and lemon wedges.