Mix first three ingredients together in a bowl. Melt in the microwave.
Pour over cereal and stir to coat evenly.
Pour half of the powdered sugar into a brown paper bag; add coated cereal mixture into the bag; pour the remaining powdered sugar into the bag. Shake well.
Ingredients
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1 stick butter, softened
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1 cup peanut butter
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1 package chocolate chips (12 ounce pkg)
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1 box Crispix cereal
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3 cups powdered sugar
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