Add the peanut butter, butter, and chocolate chips to a microwave-safe bowl

Cover the bowl and microwave for 1 minute

Stir to combine all the ingredients

Add the vanilla to the mixture and stir well

Pour the Crispix cereal into a large bowl with a tightly fitting lid

Pour the chocolate mixture evenly over the cereal

Cover the bowl with the lid

Gently shake the bowl for two minutes to combine the ingredients

Open the lid and sprinkle one third of the powdered sugar over the coated cereal

Put the lid back on the bowl and gently shake to distribute the powdered sugar

Repeat the process of adding one third of the powdered sugar and shaking for the remaining powdered sugar