I'm using the newest SweetFX 2.0 with Need For Speed SHIFT. The effects are working, but it causes my racing wheel to not function in game. Without SweetFX it works just fine. Is this a known bug or can I fix this somehow?

That is the weirdest thing I've ever heard. It must be something else.

Nope, it's definitely SweetFX. The wheel works just fine without SweetFX, and doesn't when SweetFX is injected.

Have you tried any other racing game with with your wheel + sweetfx 2.0? This is absolutely hilarious by the way. There is literally no reason a wheel should stop functioning because of DirectX shader injector.