Using Andrey Kislyuk's xq, an XML-parsing wrapper around jq (installed together with yq):
xq -x 'walk(del( .["@xmlns"]?, .["@xmlns:md"]? ))' file
This walks all nodes in the XML document structure and deletes all xmlns and xmlns:md attributes wherever these are found.
Given some input document,
<?xml version="1.0"?>
<root test="val">
<md:EntityDescriptor xmlns="urn:_" xmlns:md="_"/>
</root>
... this would output
<root test="val">
<md:EntityDescriptor></md:EntityDescriptor>
</root>
You get in-place editing with the --in-place or -i option.