In a medium bowl using a wooden spoon or in the bowl of a stand mixer fitted with the paddle attachment, beat the butter with the sriracha and 2 teaspoons of the salt until the butter is orange and has a whipped texture. Set aside.
If you have a grill, preheat the grill.
Shuck the ears of corn and place them on a plate or baking sheet. Drizzle with the olive oil and season with the remaining 1 teaspoon salt and the pepper, rolling the corn around until evenly covered. Place the corn directly on the grill over medium-high heat. If you don't have a grill, cook the corn in a large flat-bottomed skillet on the stove over medium-high heat. Turn the corn every minute or so until it picks up some color and char and the ears are grilled evenly, 12 to 15 minutes.
Remove the corn from the grill, cut the ears in half, and roll them around in the butter. Place them on a serving platter, sprinkle the scallions evenly over the corn, and dig in.