People being hacked since the last Server Check.

Based on how the hackers are obtaining their passwords, have a password under max characters may actually make you LESS likely to get hacked; if, god forbid, they actually have access to full unencrypted lists, they are going to aim for people with the highest amount of characters first, since those people are more likely to have better stuff if they are going to that length to protect their account.

Not to mention, having a 64 character password would be extremely annoying...you would spend more time logging in than playing, especially with the amount of crashes the game gets now.