In a medium saucepan over low heat, combine ½ cup of butter and 1 cup of chocolate chips. Stir constantly for about 2-3 minutes until melted and smooth. Remove from heat and add ½ cup of peanut butter, mixing until well combined.

Pour 6 cups of Rice Krispies into a large mixing bowl. Drizzle the melted chocolate-peanut butter mixture over the cereal and gently fold it in for 1-2 minutes to ensure each Rice Krispie is well-coated.

Let the mixture cool for about 5 minutes. Prepare a zip-top bag with 1 cup of powdered sugar, transfer the cereal mixture into the bag, seal tightly, and shake for about 30 seconds to coat in powdered sugar.

Spread the mixture onto a parchment-lined baking sheet or a serving bowl and press down firmly. Allow to cool completely at room temperature for about 30 minutes before cutting or breaking into pieces.