One can set up a trust in US law and stipulate whatever he wishes… he can say that the money can only be used to buy cars for people with blue eyes. He can stipulate that only college grads can benefit form this trust and he can stipulate that only Shomrei Torah Umitzvos can benefit.
SHAPIRA v. UNION NATIONAL BANK 39 Ohio Misc. 28 (Ohio Court of common pleas 1974) holds that you can make a will dependent on whether the kid marries a jewish girl and it is not against public policy.
In re Estate of Feinberg 383 Ill.App.3d 992 (Ill. App. 2008) holds that such a trust is against public policy. But, it was reversed by the IL supreme court in 235 Ill.2d 256.
So, I wouldn’t be too sure that every state will honor such a clause.